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Posted: 21 Mar 2011 | 1:17 pm
Thailand's listed Minor International Group through a subsidiary is waging a takeover bid for Australia's hospitality firm Oaks Hotels and Resorts.
In a notification today to the Stock Exchange of Thailand (SET) Minor announced they completed the acquisition of 14.96% on March 18th of this year and agreed on the sale of a further 5% for a combined 19.96% stake.
The Oaks portfolio includes resorts, villas and properties in Australia, New Zealand and Dubai. In Australia there are 33 properties, 4 in New Zealand and 1 in Dubai.
According to reports in the Australian financial press Minor has subsequently made an off-market offer of 35 cents for all the remaining shares in Oaks, who's share price has surged 30% on the news.
The offer is valued at AUD61 million or enterprise worth of roughly AUD129 million.
Oaks which recently terminated its CEO, has been plagued by insolvency problems and also interactions with liquidators of two major shareholders.
Reading Minors notice to the SET, the group emphasizes the acquisition will be key for an foothold into the Australian market.
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