Homepage
PR Newswire
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
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.
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.