No change in CIMB view despite higher HPL bid
Latest offer of $4.05, up from $4, still 'fair and reasonable'; no change in recommendations either
Add BT as a preferred sourceTHE second revised buyout offer for Hotel Properties Limited (HPL) is deemed to be "fair and reasonable" by the independent financial adviser to HPL. 68 Holdings, a consortium led by tycoon Ong Beng Seng and Wheelock Properties, had raised its bid a second time to $4.05 per share last month.
CIMB's opinion on the offer is unchanged from its earlier report issued after the consortium first raised its offer price from $3.50 a share to $4. The updated report by CIMB was released in a supplementary letter to shareholders by HPL's board of directors yesterday.
On the second revised offer of $4.05 a share, CIMB's recommendations to HPL shareholders are also unchanged.
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