CapitaLand offers to buy out Ascott

Posted on | January 9, 2008

By BLOOMBERG

SINGAPORE: CapitaLand Ltd offered at least S$929.5 million (S$1 = RM2.28) to buy out minority owners of Ascott Group Ltd, after shares in Asia’s biggest operator of serviced apartments fell 40 per cent over the past eight months. CapitaLand, which owns 67 per cent of Ascott Group, will pay S$1.73 a share to take the operator of serviced apartments private, the Singapore-based developer said in a statement to the stock exchange. That values the unit at S$2.78 billion, 43 per cent higher than its market worth January 4 when it last traded. CapitaLand’s bid includes an offer to buy stock options for 17.1 million new shares in Ascott Group.

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