Wheelock, tycoon offer to buy Singapore's Hotel Properties

SINGAPORE Mon Apr 14, 2014 9:34pm EDT 0 COMMENTS

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(Reuters) - A consortium that inclu es Singapore tycoon !ng "eng Seng an Wheelock Properties (Singapore) #t (WPS#$S%) offere on &ues ay to buy Hotel Properties #t (HPPS$S%) for S'($)* per share, +aluing the company at aroun S',$- billion (',$. billion)$ &he mo+e is the latest in a string of ac/uisitions in Singapore by large sharehol ers seeking to take a +antage of 0hat they see as attracti+e +aluations to gain full control of property assets$ 1- Hol ings Pte #t ha agree to ac/uire nearly 2,. million shares in Hotel Properties, representing a .,$3 percent stake in the company, at S'($)* each, accor ing to stock filings from Hotel Properties an Wheelock Properties to the Singapore 45change$ &he group plans to make a cash offer for all the remaining shares it oes not o0n$ Shares of Hotel Properties surge as much as ,($, percent to S'($)., their highest point in almost ,, months, 0hile Wheelock Properties 6umpe )$. percent to S',$-. in early Singapore tra ing$ 1- Hol ings is 1*-percent o0ne by 7usca en Partners Pte #t , an in+estment hol ing company in 0hich !ng, 0ho is also managing irector of Hotel Properties, o0ns a 3* percent interest an 8a+i "an Song #ong o0ns the rest$ &he remaining .* percent of 1- Hol ings is hel by 9assim 8e+elopments, a unit of Wheelock Properties$ Wheelock Properties is part of Hong :ong-liste Wheelock ; 7o #t (**2*$H:)$ !ng, "an an Wheelock ha+e been long-term sharehol ers of Hotel Properties an ha+e eci e to consoli ate their sharehol ing so they can <implement their share ob6ecti+es for HP# an to enhance +alue o+er time,< accor ing to the filing$

Hotel Properties o0ns an operates hotels, an has businesses in property e+elopment an in+estment hol ing$ &he company has a portfolio of 2- hotels an resorts sprea across ,( countries, accor ing to its 0ebsite$ &he Hotel Properties offer comes a ay after 7apita#an #t (7A&#$S%), Southeast Asia's biggest property e+eloper, sai it ha bi S'($*1 billion ('2$.) billion) to buy out minority sharehol ers in its 1)-percent o0ne 7apita=alls Asia #t (7=A#$S%)$ (Reporting by 4+eline 8anubrata> 4 iting by Stephen 7oates)
FILED UNDER: DE%&S G&O'%& DE%&S RE("E): 2011 G&O'%& DE%&S RE("E): 2011 G&O'%& DE%&S RE("E) "N*&O)S O+T*&O)S

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