SINGAPORE May 16 CapitaLand Ltd has
raised its offer to take over the remaining shares of
CapitaMalls Asia Ltd to S$2.35 from S$2.22 per share,
the companies said on Friday.
CapitaLand, Southeast Asia's largest property developer,
launched a S$3.06 billion ($2.4 billion) offer last month to buy
out minority shareholders in CapitaMalls Asia, in which it
already owned about 65 percent, with the intention to delist the
By Thursday evening, CapitaLand had received valid
acceptances to shares amounting to about 2.6 percent of the
total issued share capital of CapitaMalls Asia, according to an
exchange filing by the parties.
CapitaLand said it will not further revise the offer price,
and has extended the closing date of the offer from May 26 to
June 9. The offer has become unconditional, it said.
CapitaMalls Asia made its debut on the Singapore Exchange in
2009, with an initial offering price at S$2.12.
There has been a spate of acquisitions in Singapore's real
estate sector over the past two years, as tycoons take advantage
of depressed prices to delist property firms.
A consortium including Singaporean billionaire Ong Beng Seng
and Wheelock Properties (Singapore) Ltd increased its
offer price for a stake in Hotel Properties Ltd
earlier this week.
($1 = 1.2519 Singapore Dollars)
(Reporting by Rujun Shen; Editing by Stephen Coates)