Hotel Properties Founder Values Co. At $1.4B In Buyout Bid

Law360, New York (April 15, 2014, 5:07 PM ET) -- Singapore's Ong Beng Seng and a unit of Hong Kong-based real estate firm Wheelock & Co. are teaming up to buy out Seng's Hotel Properties Ltd. in a deal that values the company at about $1.42 billion, according to a Tuesday Singapore Exchange filing.

According to Tuesday's filing with the Singapore Exchange, a joint venture between Seng and Wheelock will first consolidate their nearly 214 million shares — which is equivalent to a 41.91 percent stake in the company — and then buy up all of...
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