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Minor makes move on sagging Oaks
Thailand-listed hotel and restaurant group Minor International Public Company has launched a takeover bid for troubled Australian-listed hotel management company Oaks Hotels and Resorts.
Minor says its offer values Oaks at about $125 million.
Minor, which has a market capitalisation of more than US1.1 billion, owns 14.96% of Oaks and has secured a further five percent from Oaks board members, subject to Foreign Investment Review Board approval.
The Oaks portfolio includes 38 hotels and resorts, the majority of them in Australia‘s state capital CBDs, plus three properties in New Zealand and one in Dubai.
The Oaks board last week sacked chief executive and founder Brett Pointon after receivers were appointed in late January to two of Pointon’s private companies
Bangkok based Minor International is the parent company of Marriott, Four Seasons and Anantara hotels. Its food and beverage interests include a 50 per cent stake in The Coffee Club brand.
In a statement, Minor said the acquisition would give it a foothold in the Australian property market.
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