Australia’s Grand Hotel Group accepts A$271m buyout offer from Tuan Sing

Singapore-listed Tuan Sing Holdings is close to winning the hand of Australia’s Grand Hotel Group on its third proposal.

This comes after Grand Hotel, which operates the Hyatt chain of hotels in Australia, accepted Tuan Sing’s revised offer of A$1.40 a share.

The sweetened deal is 7.6 percent higher than Tuan Sing’s previous bid.

The deal is made up of an increased cash offer of A$1.33 and special distributions of 7 cents.

Tuan Sing is teaming up with Morgan Stanley Real Estate to make the buyout offer worth A$271 million or S$316 million.

The bid values Grand Hotel at A$362 million.

Tuan Sing already owns 25 percent of the Australian property group.

The deal is still subject to regulatory approval.

Source: Channel NewsAsia, 15 December 2006 

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