On November 7, 2005, the offerors announced that they had acquired an aggregate of approximately 9.30% of the outstanding Fairmont Shares. The Offer price represents a 24.2% premium over the average closing price of Fairmont Shares, which was $32.20 per share on the NYSE for the 60-day period ending on the last trading day prior to that announcement.
The offerors believe that Fairmont and its shareholders would benefit if the company were acquired in its totality by a larger hotel operator that is able to more effectively take advantage of economies of scale. To the extent that Fairmont is willing to pursue this path, the offerors would be willing to enter into discussions to extend the length of its Offer to accommodate a sale process.
ICAHN PARTNERS LP AND ICAHN PARTNERS MASTER FUND LP AND THEIR AFFILIATES HAVE NOT YET COMMENCED THE OFFER REFERRED TO IN THIS PRESS RELEASE. UPON THE COMMENCEMENT OF THE OFFER, THEY WILL FILE A TENDER OFFER STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION AND A TAKEOVER BID CIRCULAR WITH THE PROVINCIAL SECURITIES COMMISSIONS IN CANADA. THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER AND SHOULD BE READ BY SECURITY HOLDERS. WHEN THE OFFER IS COMMENCED, ONE WILL BE ABLE TO OBTAIN AT NO CHARGE (I) THE TENDER OFFER STATEMENT AND OTHER DOCUMENTS WHEN THEY BECOME AVAILABLE ON THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT http://www.sec.gov , (II) THE OFFER TO PURCHASE, TAKEOVER BID CIRCULAR AND ALL OTHER DOCUMENTS WHEN THEY BECOME AVAILABLE ON SEDAR AT www.sedar.com AND (III) THE OFFER TO PURCHASE AND TAKEOVER BID CIRCULAR AND ALL RELATED DOCUMENTS FROM THE OFFERORS.