14-05-2014, 09:46 AM
14-05-2014, 10:10 AM
(14-05-2014, 09:46 AM)Vseeker Wrote: [ -> ]68-Hldgs need slightly below 20m more shrs, and Aggregate Acceptances will > 50% and OFFER will become UnConditional !!68-Holdings has revised the cash offer to $4. In addition, the FY2013 dividend will not be deducted from the offer price of $4.
14-05-2014, 10:14 AM
(14-05-2014, 10:10 AM)Louhan Wrote: [ -> ](14-05-2014, 09:46 AM)Vseeker Wrote: [ -> ]68-Hldgs need slightly below 20m more shrs, and Aggregate Acceptances will > 50% and OFFER will become UnConditional !!68-Holdings has revised the cash offer to $4. In addition, the FY2013 dividend will not be deducted from the offer price of $4.
Still Halted, and there is a 20m block on Buy Queue at $4.00 !!
14-05-2014, 12:07 PM
There is some slippage in the trading halt - those that sold before the announcement this morning may have recourse to get a difference from the offeror.
The married deal is done before pre-open but information wasn't made public while trading continued.
Anyway, OBS is tightening his grip on HPL. I think noone should be expecting any hostility from his in-laws Fu family since blood should be thicker than water over some $.
HPL will continue to be listed as a lot of funding is required for any future redevelopment of the assets. A delisting will increase the cost of financing and limit the source of funding.
$4 offer remains conditional but expect the consortium to stay at $4 to accumulate if there are willing sellers. Any catalysts to further offer will be anyone's guess.
Odd Lots Vested
GG
The married deal is done before pre-open but information wasn't made public while trading continued.
Anyway, OBS is tightening his grip on HPL. I think noone should be expecting any hostility from his in-laws Fu family since blood should be thicker than water over some $.
HPL will continue to be listed as a lot of funding is required for any future redevelopment of the assets. A delisting will increase the cost of financing and limit the source of funding.
$4 offer remains conditional but expect the consortium to stay at $4 to accumulate if there are willing sellers. Any catalysts to further offer will be anyone's guess.
Odd Lots Vested
GG
14-05-2014, 02:18 PM
(14-05-2014, 12:07 PM)greengiraffe Wrote: [ -> ]There is some slippage in the trading halt - those that sold before the announcement this morning may have recourse to get a difference from the offeror.The fact that OBS is prepared to pay 50 cents more plus forgoing the deduction of the 8-cent dividend shows that OBS sees a lot of potential in HPL's assets!
The married deal is done before pre-open but information wasn't made public while trading continued.
Anyway, OBS is tightening his grip on HPL. I think noone should be expecting any hostility from his in-laws Fu family since blood should be thicker than water over some $.
HPL will continue to be listed as a lot of funding is required for any future redevelopment of the assets. A delisting will increase the cost of financing and limit the source of funding.
$4 offer remains conditional but expect the consortium to stay at $4 to accumulate if there are willing sellers. Any catalysts to further offer will be anyone's guess.
Odd Lots Vested
GG
15-05-2014, 08:10 AM
Wheelock, Ong Beng Seng raise offer for HPL
Consortium now offering $4 a share, up from $3.50, for Hotel Properties
Published on May 15, 2014 1:13 AM
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall and Four Seasons Hotel (above). -- PHOTO: FOUR SEASONS
Property tycoon Ong Beng Seng (above) is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall and Four Seasons Hotel. -- PHOTO: BT FILE
By Cheryl Ong
PROPERTY tycoon Ong Beng Seng and Wheelock Properties sweetened their offer to shareholders of buyout target Hotel Properties (HPL) yesterday.
Their consortium, 68 Holdings, is now offering $4 a share for the hotel group, up from the $3.50 a share dangled before investors last month.
The higher price was announced after 68 Holdings agreed to buy 17.1 million HPL shares - 3.3 per cent of the firm - for $4 apiece yesterday. Under the Takeover Code, they now have to raise their offer for the rest of the shares to match this price.
The $4 offer, which values the hotel firm at about $2.07 billion, is 11.7 per cent higher than HPL's last closing price of $3.58 on Monday.
One analyst, who declined to be named, said the fact that the stock had been trading above $3.50 since the initial offer showed that the market was expecting a better price.
About 17.2 million shares changed hands before HPL halted trading at 9.14am yesterday ahead of the new offer announcement. By that time, HPL shares had jumped 26 cents, or 7.3 per cent, to $3.84.
Before the trading halt, about 240 million - or 46.39 per cent - of HPL shares were already owned by 68 Holdings.
The consortium said in its statement it has received acceptances representing about 692,000 - or 0.13 per cent - of HPL's issued shares at the earlier offer price.
It added that HPL's full-year dividends for last year will not be deducted from the offer price.
This means shareholders who accept the offer will receive the dividend of eight cents per share on top of the $4 offer price.
68 Holdings started its buyout campaign last month when HPL's founder, Mr Ong, teamed up with Wheelock to buy about 214 million shares - or 41.91 per cent - of HPL's capital at what was believed to be a 25 per cent discount to the company's revalued net asset value (RNAV).
The 68 Holdings entity comprises Cuscaden Partners with 60 per cent and Nassim Developments on 40 per cent.
Cuscaden Partners is, in turn, 90 per cent owned by Mr Ong and 10 per cent owned by Mr David Ban. Nassim Developments is an indirect, wholly owned subsidiary of Wheelock Properties, which has a 20.16 per cent stake in HPL.
The offer for HPL, which owns and operates properties in Singapore, Malaysia, Thailand and Maldives, has revived market talk about a possible redevelopment of its properties in Orchard Road.
The properties, which include Four Seasons Hotel and Forum the Shopping Mall, occupy almost 20,000 sq m of land, a Maybank Kim Eng report said earlier.
It said a redevelopment would help shore up HPL's RNAV significantly.
68 Holdings said previously that although it intends to keep HPL listed, it may take it private if its free float falls below 10 per cent.
The 68 Holdings offer closes on June 2.
ocheryl@sph.com.sg
Consortium now offering $4 a share, up from $3.50, for Hotel Properties
Published on May 15, 2014 1:13 AM
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall and Four Seasons Hotel (above). -- PHOTO: FOUR SEASONS
Property tycoon Ong Beng Seng (above) is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall and Four Seasons Hotel. -- PHOTO: BT FILE
By Cheryl Ong
PROPERTY tycoon Ong Beng Seng and Wheelock Properties sweetened their offer to shareholders of buyout target Hotel Properties (HPL) yesterday.
Their consortium, 68 Holdings, is now offering $4 a share for the hotel group, up from the $3.50 a share dangled before investors last month.
The higher price was announced after 68 Holdings agreed to buy 17.1 million HPL shares - 3.3 per cent of the firm - for $4 apiece yesterday. Under the Takeover Code, they now have to raise their offer for the rest of the shares to match this price.
The $4 offer, which values the hotel firm at about $2.07 billion, is 11.7 per cent higher than HPL's last closing price of $3.58 on Monday.
One analyst, who declined to be named, said the fact that the stock had been trading above $3.50 since the initial offer showed that the market was expecting a better price.
About 17.2 million shares changed hands before HPL halted trading at 9.14am yesterday ahead of the new offer announcement. By that time, HPL shares had jumped 26 cents, or 7.3 per cent, to $3.84.
Before the trading halt, about 240 million - or 46.39 per cent - of HPL shares were already owned by 68 Holdings.
The consortium said in its statement it has received acceptances representing about 692,000 - or 0.13 per cent - of HPL's issued shares at the earlier offer price.
It added that HPL's full-year dividends for last year will not be deducted from the offer price.
This means shareholders who accept the offer will receive the dividend of eight cents per share on top of the $4 offer price.
68 Holdings started its buyout campaign last month when HPL's founder, Mr Ong, teamed up with Wheelock to buy about 214 million shares - or 41.91 per cent - of HPL's capital at what was believed to be a 25 per cent discount to the company's revalued net asset value (RNAV).
The 68 Holdings entity comprises Cuscaden Partners with 60 per cent and Nassim Developments on 40 per cent.
Cuscaden Partners is, in turn, 90 per cent owned by Mr Ong and 10 per cent owned by Mr David Ban. Nassim Developments is an indirect, wholly owned subsidiary of Wheelock Properties, which has a 20.16 per cent stake in HPL.
The offer for HPL, which owns and operates properties in Singapore, Malaysia, Thailand and Maldives, has revived market talk about a possible redevelopment of its properties in Orchard Road.
The properties, which include Four Seasons Hotel and Forum the Shopping Mall, occupy almost 20,000 sq m of land, a Maybank Kim Eng report said earlier.
It said a redevelopment would help shore up HPL's RNAV significantly.
68 Holdings said previously that although it intends to keep HPL listed, it may take it private if its free float falls below 10 per cent.
The 68 Holdings offer closes on June 2.
ocheryl@sph.com.sg
15-05-2014, 10:14 AM
HPL share price is now $4.03, which is above the offer price of $4. Looks like minority shareholders aren't accepting the offer of $4.
(15-05-2014, 08:10 AM)greengiraffe Wrote: [ -> ]Wheelock, Ong Beng Seng raise offer for HPL
Consortium now offering $4 a share, up from $3.50, for Hotel Properties
Published on May 15, 2014 1:13 AM
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall and Four Seasons Hotel (above). -- PHOTO: FOUR SEASONS
Property tycoon Ong Beng Seng (above) is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall and Four Seasons Hotel. -- PHOTO: BT FILE
By Cheryl Ong
PROPERTY tycoon Ong Beng Seng and Wheelock Properties sweetened their offer to shareholders of buyout target Hotel Properties (HPL) yesterday.
Their consortium, 68 Holdings, is now offering $4 a share for the hotel group, up from the $3.50 a share dangled before investors last month.
The higher price was announced after 68 Holdings agreed to buy 17.1 million HPL shares - 3.3 per cent of the firm - for $4 apiece yesterday. Under the Takeover Code, they now have to raise their offer for the rest of the shares to match this price.
The $4 offer, which values the hotel firm at about $2.07 billion, is 11.7 per cent higher than HPL's last closing price of $3.58 on Monday.
One analyst, who declined to be named, said the fact that the stock had been trading above $3.50 since the initial offer showed that the market was expecting a better price.
About 17.2 million shares changed hands before HPL halted trading at 9.14am yesterday ahead of the new offer announcement. By that time, HPL shares had jumped 26 cents, or 7.3 per cent, to $3.84.
Before the trading halt, about 240 million - or 46.39 per cent - of HPL shares were already owned by 68 Holdings.
The consortium said in its statement it has received acceptances representing about 692,000 - or 0.13 per cent - of HPL's issued shares at the earlier offer price.
It added that HPL's full-year dividends for last year will not be deducted from the offer price.
This means shareholders who accept the offer will receive the dividend of eight cents per share on top of the $4 offer price.
68 Holdings started its buyout campaign last month when HPL's founder, Mr Ong, teamed up with Wheelock to buy about 214 million shares - or 41.91 per cent - of HPL's capital at what was believed to be a 25 per cent discount to the company's revalued net asset value (RNAV).
The 68 Holdings entity comprises Cuscaden Partners with 60 per cent and Nassim Developments on 40 per cent.
Cuscaden Partners is, in turn, 90 per cent owned by Mr Ong and 10 per cent owned by Mr David Ban. Nassim Developments is an indirect, wholly owned subsidiary of Wheelock Properties, which has a 20.16 per cent stake in HPL.
The offer for HPL, which owns and operates properties in Singapore, Malaysia, Thailand and Maldives, has revived market talk about a possible redevelopment of its properties in Orchard Road.
The properties, which include Four Seasons Hotel and Forum the Shopping Mall, occupy almost 20,000 sq m of land, a Maybank Kim Eng report said earlier.
It said a redevelopment would help shore up HPL's RNAV significantly.
68 Holdings said previously that although it intends to keep HPL listed, it may take it private if its free float falls below 10 per cent.
The 68 Holdings offer closes on June 2.
ocheryl@sph.com.sg
15-05-2014, 12:54 PM
http://infopub.sgx.com/FileOpen/HPL%20De...eID=297245
OBS intention is to tighten his grip on HPL as much as possible. There is no intention on his part to delisting the company as he need to maintain the listing status for fund raising purposes to redevelop the aging properties.
OBS/Wheelock has 46%. Even though the in-laws Fu family has not aligned their interests with the consortium, it doesn't appear that they are hostile. Fu owns 29% so between the 3 groups, they have around 75%.
I think the offer will stay rationale as there is still plenty of fresh fund raising in order for the full potential of the prime assets to be realised.
GG
OBS intention is to tighten his grip on HPL as much as possible. There is no intention on his part to delisting the company as he need to maintain the listing status for fund raising purposes to redevelop the aging properties.
OBS/Wheelock has 46%. Even though the in-laws Fu family has not aligned their interests with the consortium, it doesn't appear that they are hostile. Fu owns 29% so between the 3 groups, they have around 75%.
I think the offer will stay rationale as there is still plenty of fresh fund raising in order for the full potential of the prime assets to be realised.
GG
(15-05-2014, 10:14 AM)Louhan Wrote: [ -> ]HPL share price is now $4.03, which is above the offer price of $4. Looks like minority shareholders aren't accepting the offer of $4.
(15-05-2014, 08:10 AM)greengiraffe Wrote: [ -> ]Wheelock, Ong Beng Seng raise offer for HPL
Consortium now offering $4 a share, up from $3.50, for Hotel Properties
Published on May 15, 2014 1:13 AM
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall (above) and Four Seasons Hotel. -- PHOTO: HOTEL PROPERTIES
Property tycoon Ong Beng Seng is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall and Four Seasons Hotel (above). -- PHOTO: FOUR SEASONS
Property tycoon Ong Beng Seng (above) is part of a consortium that wants to buy out Hotel Properties, which owns properties in Orchard Road such as Forum the Shopping Mall and Four Seasons Hotel. -- PHOTO: BT FILE
By Cheryl Ong
PROPERTY tycoon Ong Beng Seng and Wheelock Properties sweetened their offer to shareholders of buyout target Hotel Properties (HPL) yesterday.
Their consortium, 68 Holdings, is now offering $4 a share for the hotel group, up from the $3.50 a share dangled before investors last month.
The higher price was announced after 68 Holdings agreed to buy 17.1 million HPL shares - 3.3 per cent of the firm - for $4 apiece yesterday. Under the Takeover Code, they now have to raise their offer for the rest of the shares to match this price.
The $4 offer, which values the hotel firm at about $2.07 billion, is 11.7 per cent higher than HPL's last closing price of $3.58 on Monday.
One analyst, who declined to be named, said the fact that the stock had been trading above $3.50 since the initial offer showed that the market was expecting a better price.
About 17.2 million shares changed hands before HPL halted trading at 9.14am yesterday ahead of the new offer announcement. By that time, HPL shares had jumped 26 cents, or 7.3 per cent, to $3.84.
Before the trading halt, about 240 million - or 46.39 per cent - of HPL shares were already owned by 68 Holdings.
The consortium said in its statement it has received acceptances representing about 692,000 - or 0.13 per cent - of HPL's issued shares at the earlier offer price.
It added that HPL's full-year dividends for last year will not be deducted from the offer price.
This means shareholders who accept the offer will receive the dividend of eight cents per share on top of the $4 offer price.
68 Holdings started its buyout campaign last month when HPL's founder, Mr Ong, teamed up with Wheelock to buy about 214 million shares - or 41.91 per cent - of HPL's capital at what was believed to be a 25 per cent discount to the company's revalued net asset value (RNAV).
The 68 Holdings entity comprises Cuscaden Partners with 60 per cent and Nassim Developments on 40 per cent.
Cuscaden Partners is, in turn, 90 per cent owned by Mr Ong and 10 per cent owned by Mr David Ban. Nassim Developments is an indirect, wholly owned subsidiary of Wheelock Properties, which has a 20.16 per cent stake in HPL.
The offer for HPL, which owns and operates properties in Singapore, Malaysia, Thailand and Maldives, has revived market talk about a possible redevelopment of its properties in Orchard Road.
The properties, which include Four Seasons Hotel and Forum the Shopping Mall, occupy almost 20,000 sq m of land, a Maybank Kim Eng report said earlier.
It said a redevelopment would help shore up HPL's RNAV significantly.
68 Holdings said previously that although it intends to keep HPL listed, it may take it private if its free float falls below 10 per cent.
The 68 Holdings offer closes on June 2.
ocheryl@sph.com.sg
15-05-2014, 03:28 PM
so far today, more than 2 million shares have transacted above the $4 offer price....
possibility of a higher price? lets hope so!
possibility of a higher price? lets hope so!
15-05-2014, 03:30 PM
PUBLISHED MAY 15, 2014
Offer price for HPL raised to $4 a share
Move follows married trades in shares amounting to 3.3% of HPL
BYLYNETTE KHOO
lynkhoo@sph.com.sg @LynetteKhooBT
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Ongbengsenghpl150514
68 Holdings is a special purpose vehicle formed by Mr Ong (above) and Wheelock to consolidate their holdings in HPL - a move that set the market speculating about their potential plans to re-develop the plots of prime land owned by HPL along Orchard Road - PHOTO: SPH
[SINGAPORE] The consortium led by tycoon Ong Beng Seng and Wheelock Properties has raised its offer price for shares in Hotel Properties Ltd (HPL) to $4 per share from $3.50.
This followed married trades yesterday with undisclosed parties in 17.1 million shares or 3.31 per cent of the issued share capital in HPL at $4 apiece, said Standard Chartered Bank, the financial adviser for the offeror 68 Holdings Pte Ltd.
These married trades stoked HPL shares up 7.3 per cent to $3.84 yesterday before a trading halt was imposed.
The mandatory takeover offer for HPL shares that 68 Holdings does not already own was earlier triggered last month after 68 Holdings agreed to acquire a 41.91 per cent stake in HPL at $3.50 apiece.
Offer price for HPL raised to $4 a share
Move follows married trades in shares amounting to 3.3% of HPL
BYLYNETTE KHOO
lynkhoo@sph.com.sg @LynetteKhooBT
PRINT |EMAIL THIS ARTICLE
Ongbengsenghpl150514
68 Holdings is a special purpose vehicle formed by Mr Ong (above) and Wheelock to consolidate their holdings in HPL - a move that set the market speculating about their potential plans to re-develop the plots of prime land owned by HPL along Orchard Road - PHOTO: SPH
[SINGAPORE] The consortium led by tycoon Ong Beng Seng and Wheelock Properties has raised its offer price for shares in Hotel Properties Ltd (HPL) to $4 per share from $3.50.
This followed married trades yesterday with undisclosed parties in 17.1 million shares or 3.31 per cent of the issued share capital in HPL at $4 apiece, said Standard Chartered Bank, the financial adviser for the offeror 68 Holdings Pte Ltd.
These married trades stoked HPL shares up 7.3 per cent to $3.84 yesterday before a trading halt was imposed.
The mandatory takeover offer for HPL shares that 68 Holdings does not already own was earlier triggered last month after 68 Holdings agreed to acquire a 41.91 per cent stake in HPL at $3.50 apiece.