The BMB Group Confirms Its Offer to Acquire Kerzner International Holdings Limited
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The BMB Group Confirms Its Offer to Acquire Kerzner International Holdings Limited
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Category: Worldwide - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-10-15
The BMB Group ("BMB") confirms that it has issued an unsolicited letter of interest to acquire Kerzner International Holdings for US$3.4 billion cash following speculation over the future of Kerzner International and its debt restructuring. BMB believes that the hospitality and real estate assets within Kerzner International have significant potential particularly in Asia. BMB is highly supportive of Dubai, the location of the latest Atlantis (part of Kerzner International), and one of the largest shareholders in Kerzner International. It is unlikely that BMB will retain long-term ownership of the casino assets of Kerzner International.
The offer is being made via one of the BMB's subsidiaries, BMB Advisors Malaysia Ltd, but is on behalf the group's clients who are based globally.
BMB is an investment and advisory firm with a highly select clientele including prominent ultra high net-worth individuals, ruling families and sovereign investors from the Middle East and Asia. An international operation, with offices in New York, London, Dubai, Kuala Lumpur and Beijing, BMB was founded in 2004 by Rayo Salahadin Withanage and H.H. Prince ‘Abdul ‘Ali Yil-Kabier of Brunei but it has no link to the Sultan of Brunei or the Brunei government. Over the last year BMB has built a multi-billion real estate business through the acquisition of hospitality real estate advisory and investment advisory firms Contrarian Capital Partners and Alliance Capital Group which now have consolidated assets of over US$4.5 billion. BMB retains other interests in private equity, energy and natural resources and Islamic finance.
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