SINGAPORE: Southeast Asia's largest developer
CapitaLand has launched a voluntary conditional cash offer to take
shopping mall arm CapitaMalls Asia (CMA) private by buying CMA shares
that it does not already own for S$2.22 each.
The offer -- made via Sound Investments Holdings -- is conditional on receiving acceptances such that CapitaLand holds more than 90 per cent of CMA.
CapitaLand, which owns around 65.3 per cent of CMA, will have to pay around S$3 billion to buy over the remaining 34.7 per cent.
According to CapitaLand Group CEO Lim Ming Yan, taking over and delisting CMA will "significantly simplify" CapitaLand Group's structure.
"CapitaLand will be in a better position to capitalise on the growing trend towards integrated developments in our core markets of Singapore and China," he said.
CapitaLand said its offer price of S$2.22 in cash for each CMA share represents a premium of 27.0 per cent over CMA's one-month volume-weighted average price. The offer price is also 20.7 per cent higher than CMA's net asset value per share as of December 31, 2013.
CMA shares, which were suspended earlier on Monday, were last traded at S$1.805 apiece.
CapitaLand spun off CMA in late 2009 in what was then one of Singapore's largest ever initial public offerings.
The offer -- made via Sound Investments Holdings -- is conditional on receiving acceptances such that CapitaLand holds more than 90 per cent of CMA.
CapitaLand, which owns around 65.3 per cent of CMA, will have to pay around S$3 billion to buy over the remaining 34.7 per cent.
According to CapitaLand Group CEO Lim Ming Yan, taking over and delisting CMA will "significantly simplify" CapitaLand Group's structure.
"CapitaLand will be in a better position to capitalise on the growing trend towards integrated developments in our core markets of Singapore and China," he said.
CapitaLand said its offer price of S$2.22 in cash for each CMA share represents a premium of 27.0 per cent over CMA's one-month volume-weighted average price. The offer price is also 20.7 per cent higher than CMA's net asset value per share as of December 31, 2013.
CMA shares, which were suspended earlier on Monday, were last traded at S$1.805 apiece.
CapitaLand spun off CMA in late 2009 in what was then one of Singapore's largest ever initial public offerings.
- CNA/ac
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