NASSAU, BAHAMAS Kerzner International has rejected an unsolicited bid by investment company BMB Group valued at US$3.4 billion cash.
A Kerzner spokesperson has confirmed the bid, but in a statement the company reiterates that it is not for sale.
BMB executives have previously suggested that Kerzner’s assets have significant profit potential, but an unnamed source close to a Kerzner investor tells Financial Times that the bid does not appear to be a serious one.
Founded in 2004 by the sultan of Brunei, BMB invests and advises on behalf of ruling families and sovereign investors from the Middle East and Asia.
Kerzner, which owns the Atlantis and One&Only resort brands, is the 165th largest hotel company in the world, according to HOTELS’ 325, the annual listing of the world’s hotel companies that is published in this month’s issue.