Kerzner Agrees To $3.2 bil Buyout
NEW YORK, NY, May 1, 2006. Casino and resort operator Kerzner International Ltd. on Monday agreed to be purchased by a group of investors led by its chairman and chief executive for about $3.2 billion.
The investors' group, headed by Kerzner Chairman Sol Kerzner and CEOButch Kerzner, raised its buyout offer to $81 a share in cash, up from $76 a share it offered in March, the company said.
Bahamas-based Kerzner, which owns brands such as Atlantis resorts and One&Only hotels, said as a result of the raised offer it would no longer seek superior proposals.
The total transaction value, including the assumption of $599 million of net debt, is about $3.8 billion and carries a break-up fee of about $95 million.
The investor group includes United Arab Emirates-based Istithmar PJSC, which is already joining with Kerzner on an Atlantis resort in Dubai.
Whitehall Street Global Real Estate Limited Partnership 2005, Goldman Sachs & Co.'s primary real estate investment vehicle, is also among the investors, as are Colony Capital LLC, Providence Equity Partners, Inc. and The Related Companies, L.P.
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