68 Holdings’ offer for Hotel Properties rises to S$4.05 a share

The group making a takeover bid for Hotel Properties Ltd (HPL) has raised its offer price again.

68 Holdings – led by Singapore tycoon Ong Beng Seng and Wheelock Properties – is now offering S$4.05 for each HPL share, up from the previous S$4.00 a share. 68 Holdings had originally offered S$3.50 per share.

This follows an agreement by 68 Holdings to buy 6.69 million HPL shares, representing 1.29 percent of the firm, at $4.05 apiece.

The closing date of the offer will be extended to June 12 from June 2.

HPL has a portfolio of 28 luxury hotels around the world, including the Four Seasons, Hilton and Concorde hotels in Singapore.

The firm also operates 10 Hard Rock Café outlets in the cities of Singapore, Kuala Lumpur, Penang, Bangkok, Pattaya, Bali, Jakarta and Makati, as well as the Haagen-Dazs ice cream franchises in Singapore and Malaysia.

Source : Channel NewsAsia – 27 May 2014

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