Kerzner Shareholders Approve Acquisition by Investor Group
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Kerzner Shareholders Approve Acquisition by Investor Group
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2006-08-29
Kerzner International Limited (NYSE:KZL) (the "Company"), through its subsidiaries a leading international developer and operator of destination resorts, casinos and luxury hotels, today announced that the acquisition of the Company by an investor group led by Sol Kerzner, the Company's Chairman of the Board, and Butch Kerzner, the Company's Chief Executive Officer, was approved today by the Company's shareholders at an extraordinary general meeting.
The acquisition is expected to be completed not earlier than August 31, 2006, subject to the satisfaction of closing conditions. Under the terms of the merger agreement, the Company's shareholders will receive $81.00 in cash, without interest, for each of the Company's ordinary shares (other than certain restricted shares) held. Following completion of the merger, the registration of the Company's ordinary shares and its reporting obligations under the Securities Exchange Act of 1934, as amended, will be terminated upon application to the Securities and Exchange Commission. In addition, upon completion of the merger, the Company's ordinary shares will no longer be listed on any exchange or quotation system, including the New York Stock Exchange.
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