Eden Hotel Lanka PLC (COSE:EDEN.N0000) offered to acquire remaining 43.41% stake in Serendib Hotels PLC (COSE:SHOT.N0000) for approximately LKR 470 million.
The transaction is subject to unconditional acceptance by shareholders of Eden Hotel Lanka PLC, where Eden Hotel Lanka PLC must accept and pay for all shares tendered at the offer price, while the shareholders of Serendib Hotels lose their right to withdraw the shares. Eden Hotel Lanka PLC having acquired Shares carrying more than 50% of the voting rights, Eden Hotel Lanka PLC declares that this Offer is unconditional as to acceptances at the very outset. As reported on January 15, 2021, the offer was declared unconditional. The transaction was approved by Securities and Exchange Commission of Sri Lanka and Colombo Stock Exchange. The offer period will start from January 8, 2021 to will close on January 29, 2021. As on January 29, 2021, the offer period is extended and the new closing date of the Offer will be seven days from the date of dispatch of the Independent Advisor's Report and the Directors views, comments and advice to the shareholders by the Offeree. Shashikala de Mel of P.W. Corporate Secretarial (Pvt) Ltd. acted as a manager and registrar to Serendib Hotels.