CDL seeks full control of property firm

Thursday 29 April 2004

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.

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.

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