Wheelock Properties

Offer for Wheelock Properties approved

PUBLISHED : Friday, 25 June, 2010, 12:00am
UPDATED : Friday, 25 June, 2010, 12:00am

Wheelock Properties shareholders voted overwhelmingly in favour of a HK$6.9 billion privatisation offer from its parent Wheelock & Co, controlled by Peter Woo Kwong-ching. In an extraordinary general meeting, 99.92 per cent of independent shareholders approved the HK$13 per share cash bid for the 25 per cent of the company that Wheelock & Co does not own. The offer price represents a premium of 144 per cent over the firm's last closing price of HK$5.33 on April 16, before the privatisation plan was unveiled. Shares in Wheelock & Co fell 2.23 per cent to HK$21.90.