Listed hotel operator CDL Hotels has moved to tidy up its convoluted company structure through a $21.3 million full takeover offer for its property development subsidiary, Kingsgate International.
Thursday, April 29th 2004, 7:33AM
by The Landlord
Auckland-based CDL is joining Kingsgate's other significant shareholder, private Singapore investment firm Tai Tak Securities, in a takeover bid.
If the bid is successful, Kingsgate would be delisted from the NZX.
Under the proposal, KIN Holdings, a company owned jointly by CDL and Tai Tak, is offering 32c a share for the 67.7 million shares in Kingsgate - 17.2 per cent of the company - which the two companies do not already own.
