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UPDATE 1-CapitaLand raises offer price to CapitaMalls Asia
May 16, 2014 / 2:27 AM / 3 years ago

UPDATE 1-CapitaLand raises offer price to CapitaMalls Asia

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SINGAPORE, May 16 (Reuters) - 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 mall operator.

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

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