CapitaLand trims CapitaMalls Asia offer price to account for dividend

SINGAPORE - CapitaLand has reduced its offer price for CapitaMalls Asia (CMA) to take into account the dividend recently declared by CMA.

The Singapore property developer will now pay $2.2025 per offer share, down from the $2.22 it originally offered when it announced its takeover bid on April 14.

This comes after CMA shareholders earlier this month approved a final dividend of 1.75 cents per share for the 2013 financial year. May 5 is the book closing date at which the register of CMA shareholders will be closed to determine entitlements to the 2013 final dividend.

As such, CMA shareholders as at May 5 who accept CapitaLand's offer will receive the dividend of 1.75 cents per share from CMA, and $2.2025 per share from Capitaland, to make a total of $2.22 per share.

Shareholders who buy CMA shares after May 5 and who accept CapitaLand's offer will receive $2.2025 per share from CapitaLand but will not be entitled to the 1.75 cents per share dividend from CMA.

CapitaLand, which owns 65.3 per cent of CMA, aims to delist CMA if the offer is successful.

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