The Foreign Investment Review Board has given partners Tuan Sing and Morgan Stanley Real Estate the greenlight to proceed with their takeover offer for Grand Hotel Group.
TSA’s chairman Sean Hughes said the partners were delighted to receive such a quick response from FIRB.
“We’ll now be able to send out our $1.30 joint offer to security holders with a reduced number of conditions.
“The key outstanding condition is our 62.6% minimum acceptance condition. With the 25% owned by Tuan Sing (Australia) and the announcement by Babcock & Brown of their intention to accept our offer in the absence of a superior offer, we’re well on the way to 62.6%,” he added.
Meanwhile, GHG has already set in motion the marketing campaign to sell its $550 million hotel property portfolio as individual assets or packaged.
By Nelson Yap
