CapitaLand increases CapitaMalls offer to minority shareholders

CapitaLand has sweetened its offer to buy out minority shareholders of shopping mall arm CapitaMalls Asia.

CapitaLand, Southeast Asia’s largest developer, said it will now pay S$2.35 per share, up from the previous offer of S$2.22 per share.

The previous offer price was subsequently adjusted downwards to S$2.2025 per share to take into account a dividend payment.

CapitaMalls shareholders who earlier accepted CapitaLand’s offer will receive the higher offer price.

CapitaLand and its partners now hold approximately 70.4 per cent of CapitaMall shares, excluding shares that had been tendered in acceptance of the offer.

With the increase in CapitaLand’s offer price, the offer for CapitaMalls will now close on June 9.

CapitaMalls is one of Asia’s largest shopping mall developer and operator, with interests in 104 shopping malls across Singapore, China, Malaysia, Japan and India.

Source : Channel NewsAsia – 1 May 2014

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