SINGAPORE (Jan 8): TIH has received a 57 cents voluntary unconditional offer from Kaiser Union for all the shares it does not own.

Kaiser Union is the bidding company formed by joint offerors are Premier Asia Limited (PAL), an entity wholly-owned by Lippo China Resources (LCR), and Alexandra Road Limited (ARL), an entity jointly-owned by funds managed by Argyle Street Management (ASM) which holds a 54.2% stake in TIH.

Of the 57 cents, 12.5 cents will be paid in cash and 44.5 cents will be paid by the issue of up to $49.3 million three-year senior unsecured 2.25% notes.

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