capitaland-makes-cash-offer-for-ascott-group

CapitaLand makes cash offer for Ascott Group

Ascott's share price soars as the offer represents a 43% premium to the latest market price.
January 08, 2008
Singapore property developer CapitaLand has made a voluntary cash offer for The Ascott Group with the aim of strengthening AscottÆs leadership position in the market and maximising its own competitive advantage as an integrated player across all property sectors.

CapitaLand already controls 66.5% of Ascott Group, which builds and operates serviced apartments across 23 countries in Asia Pacific, Europe and the Middle East, and is offering S$1.73 per share for the remaining stake. Assuming all outstanding options are exercised into shares that are then rendered, this will put the total purchase price at S$989.5 million $690 million and will value Ascott at about S$2.8 billion $1.95 billion.

The offer price represents a...
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