Hotel Properties shares hit over 6-year top; Singapore index muted
Published on Apr 16, 2014 1:46 PM
SINGAPORE (Reuters) - Hotel Properties shares hit a more than six-year high on Wednesday after the company received a buyout offer, but gains in the broader Singapore index were muted as data from China showed slowing growth in the world's No.2 economy.
Hotel Properties shares rose almost 5 per cent to $3.70, its highest since January 2008 and above the offer of $3.50 per share received on Tuesday from a consortium including Singapore tycoon Ong Beng Seng and Wheelock Properties (Singapore).
The shares had surged 13 per cent in the previous session.
The benchmark Straits Times Index rose 0.2 per cent to 3,252.91, while MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.4 per cent.
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