Wheelock, Ong Beng Seng raise Hotel Properties offer again; to $4.05 per share
Published on May 27, 2014 12:11 PM
Wheelock Properties and property tycoon Ong Beng Seng are dangling an even bigger carrot for shareholders of their buyout target Hotel Properties Limited (HPL), which they want to take private.
Their consortium, 68 Holdings, has agreed to buy 6.7 million shares in HPL - about a 1.29 per cent stake - for $4.05 apiece, HPL told the Singapore Exchange on Tuesday.
It has therefore upped its offer for the remaining shares it does not own to $4.05 apiece, valuing the hotel firm at about $2.1 billion.
HPL owns and operates properties in Singapore, Malaysia, Thailand and the Maldives, including the Four Seasons hotel and Forum the Shopping Mall.
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