Kerzner Consummates Merger
September 01 2006 - 10:49AM
Business Wire
Kerzner International Limited (NYSE:KZL) (the "Company"), through
its subsidiaries a leading international developer and operator of
destination resorts, casinos and luxury hotels, announced today
that it has completed the going-private transaction approved on
August 28, 2006 at an extraordinary general meeting of the
Company's shareholders. As a result of the transaction, each issued
and outstanding ordinary share of the Company was cancelled and
converted automatically into the right to receive $81.00 in cash,
without interest. The transaction was led by the Company's
Chairman, Sol Kerzner, and its Chief Executive Officer, Butch
Kerzner, and an investor group including Istithmar PJSC, Whitehall
Street Global Real Estate Limited Partnership 2005, Colony Capital
LLC, Providence Equity Partners, Inc. and The Related Companies,
L.P. Shareholders of the Company who have stock certificates in
their possession will receive instructions by mail from The Bank of
New York, the paying agent, concerning how and where to forward
their certificates for payment. In connection with the transaction,
the Company and its wholly owned subsidiary, Kerzner International
North America, Inc. ("KINA"), tendered to purchase and solicited
consents relating to all of their outstanding 6 3/4% Senior
Subordinated Notes due 2015, and received tenders and consents with
respect to approximately 98.7% of the aggregate outstanding
principal amount of their notes. The Company and KINA have accepted
for payment all of the tenders and consents received. About The
Company Kerzner International Limited (NYSE:KZL), through its
subsidiaries, is a leading international developer and operator of
destination resorts, casinos and luxury hotels. The Company's
flagship brand is Atlantis, which includes Atlantis, Paradise
Island, a 2,317-room, ocean-themed destination resort located on
Paradise Island, The Bahamas -- a unique property featuring three
interconnected hotel towers built around a seven-acre lagoon and a
34-acre marine environment that includes the world's largest
open-air marine habitat. The resort is also home to the largest
casino in the Caribbean. Development of a major expansion on
Paradise Island is currently underway and will include a 600-room,
all-suite luxury hotel and a significant enhancement of Atlantis's
water-based attractions. Certain parts of this expansion have
already opened, including the Marina Village at Atlantis, with the
remaining elements expected to open by the second quarter of 2007.
The Company is extending its Atlantis brand globally with the
development of Atlantis, The Palm, Dubai, an approximately
1,500-room, water-themed resort expected to open in late 2008,
currently being constructed on The Palm, Jumeirah, a multi-billion
dollar leisure and residential development in Dubai. In its gaming
segment, the Company developed and receives certain income derived
from Mohegan Sun in Uncasville, Connecticut, which has become one
of the premier casino destinations in the United States. The
Company is also a 37.5% owner of BLB Investors, L.L.C., which owns
Lincoln Park in Rhode Island and pari-mutuel racing facilities in
Colorado. In the U.K., the Company is currently developing a casino
in Northampton and received a Certificate of Consent from the U.K.
Gaming Board in 2004. In its luxury resort hotel business, the
Company manages ten resort hotels primarily under the One&Only
brand. The resorts, featuring some of the top-rated properties in
the world, are located in The Bahamas, Mexico, Mauritius, the
Maldives and Dubai. An additional One&Only property is
currently in the planning stages in South Africa. For more
information concerning the Company and its operating subsidiaries,
visit http://www.kerzner.com. Investor inquiries regarding the
Company should be directed to Omar Palacios at 242-363-6018. Media
inquiries should be directed to Lauren Snyder at 242-363-6018.
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