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Bond Market News
ESR Group Receives $7bn Buyout Offer from Consortium
December 5, 2024
ESR Group received a binding takeover offer valuing them at around $7bn. A consortium, including firms like Starwood Capital, Sixth Street Partners, and Qatar Investment Authority, proposed acquiring ESR for HK$13 ($1.67) per share, a 55% premium over the pre-offer price. The consortium’s offer includes a cash or share rollover option, witth the deal aiming to overcome hurdles posed by ESR’s fragmented ownership. The buyout group already holds about 40% of ESR’s shares and plans to take the company private. ESR’s major shareholders like Omers Administration Corp. and Lim Hwee Chiang have committed to sell their shares to the consortium, as per sources. Talks for the acquisition, which have been ongoing for months, were initially triggered by ESR’s top shareholders considering a take-private deal.
On the back of the news, ESR shares jumped as much as 6.6%, its biggest intraday gain since May 14. However, its bonds traded stable with its S$ 5.1% 2025s at 100.28, yielding 3.74%.
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