Lehman acquires a Grande Asset in Thailand

Lehman Brothers becomes a leading hotelier in Bangkok with its acquisition of a Thai property developer.

Lehman Brothers subsidiary Giant Mauritius Holdings has bought a 50.1% stake in listed Thai hotel, condominium and resort developer Grande Asset for $80 million and a tender offer is now underway for the remaining shares.

The offer is being carried out by Giant Mauritius in conjunction with a Thai nominee company, Hotel and Property Development Co, in order to accomodate Thai law on foreign ownership limits. Given the imputed priceearnings ratio is 225 times, the offer looks set to...

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