Mandatory offer by Brown to purchase Eden Hotels expires

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Jul 26, 2016 (LBO) – The mandatory offer made by Browns Hotels and resorts to purchase all the remaining ordinary shares of Eden Hotel Lanka has expired as of 22 July 2016, a statement said.

The Colombo Stock Exchange said in a filing that further to the mandatory offer made by Brown Hotels and Resorts to the shareholders of Eden Hotel Lanka by an offer document of Browns Hotels and Resorts dates 06 June 2016 and the announcement made 28 June 2016 regarding the extension of the offer it has expired.

In terms of rule 24 of Company takeovers and mergers, the total number of shares for which acceptance offers were made are 13,839,998 (complete) and 14,175 (incomplete).

Before the offer period Browns Hotels and resorts held 77,292,395 (73.19 percent). Subsequent to the mandatory offer Browns Hotels and Resorts holds 91,151,259 shares (81.17 percent).