Wheelock Properties (Singapore)

OCBC says Hotel Properties could possibly be the next general offer candidate

SINGAPORE (Oct 15): OCBC Investment Research says Hotel Properties (HPL) could be the next candidate of a general offer.

Following the general offer for Hotel Properties (HPL) led by Ong Beng Seng and Wheelock Properties (Singapore) (WPS) in 2014, OCBC noted the potential for HPL and WPS to redevelop their neglected assets along the so-called “western end” of Orchard Road which stretches from Far East Shopping Center to Tanglin Mall into a mega-development.

What are your options after Wheelock declares offer price and closing date final?

SINGAPORE (Sept 25): Wheelock & Co announced its offer price of $2.10 for each Wheelock Properties (Singapore) (WPS) share and the offer closing date of 5.30pm on Oct 2 will be final.

See: Controlling shareholder of Wheelock Properties launches $2.10 per share offer

Is offer for Wheelock Properties fair and reasonable?

SINGAPORE (Aug 31): PrimePartners Corporate Finance, the independent financial adviser (IFA) to the recommending directors of Wheelock Properties (Singapore), said it was rewording a paragraph in its IFA letter "to address any perception of an inconsistency between our opinion and our recommendation to the recommending directors in relation to the offer".

Wheelock's $2.10 offer 'fair and reasonable but not compelling', says IFA

SINGAPORE (Aug 24): The $2.10 offer for Wheelock Properties (Singapore) by its controlling shareholder is “fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders”, says the Independent Financial Adviser (IFA).

See: Controlling shareholder of Wheelock Properties launches $2.10 per share offer

Lim & Tan recommends Wheelock shareholders hold out for better offer; shares up 26%

SINGAPORE (July 19): Lim & Tan Securities says minority shareholders of Wheelock Properties should deserve a higher offer somewhere closer to its last reported NAV of $2.68/share.

While Lim & Tan does not dispute Wheelock parent’s $2.10 offer price is attractive compared to its historical trading prices, the property group has a large cash holdings and large base of recurring income streams as well as its long track record of attractive dividend payments.

Controlling shareholder of Wheelock Properties launches $2.10 per share offer

SINGAPORE (July 19): Wheelock and Company has launched a voluntary unconditional general offer for all the shares in Wheelock Properties (Singapore) it does not own at $2.10 each.

HK-listed Wheelock and Company is 76.21% owner of Wheelock Properties (Singapore).

The offer was made through offer vehicle Star Attraction.

The offer values the company at over $2.5 billion. The offeror intends to delist the company if the 10% free float requirement is not satisfied.

Shares in Wheelock last traded at $1.74 on July 13 when a halt was called.

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