NEW YORK (Reuters) - Resort operator Kerzner International Ltd
said on Monday it agreed to be bought by an investor group led by its
chairman and chief executive for $76 a share in cash, or about $3 billion.
Kerzner's shares rose nearly 11 percent after the announcement.
The investor group also includes Istithmar PJSC, a shareholder, Whitehall
Street Global Real Estate Limited Partnership 2005, Colony Capital LLC,
Providence Equity Partners, Inc. and The Related Companies, L.P.
The total transaction value, including the assumption of $599 million of
net debt, is about $3.6 billion.
Under the terms of the deal, the company will solicit superior proposals
during the next 45 days.
The investor group will receive a break-up fee of about $30 million, if its
merger is terminated because the company accepts a higher bid,
Kerzner's board of directors has approved the agreement, the company said.
The transaction is expected to close in the middle of 2006, the company said.
Butch Kerzner, who will remain as chief executive, said in a statement that
the company's development projects, including the expansion of its flagship
resort in the Bahamas, would continue as planned.
J.P. Morgan Securities Inc. is serving as the financial advisor, the
company said.
Kerzner's shares were up $7.49, or 10.7 percent, at $77.85 during morning
trading on the


look for the writing on the wall...

TADA,

U b too much, so what is the writting on the wall in ur opinion.

TADA,
U b too much, so what is the writting on the wall in ur opinion.

I dont understand your statment, is that slang of some sort?

but its no secret the Kerzners are building a articificial island on the new tourism destination of the world...Dubai

its no secret they are tired of the Bahamian govt who doesnt let business
f(x) without the incessant meddling...

its no secret they have made all the money they came to make in the Bahamas...after ohase 3...and now they ready to cash out and go home so they can be closer to home in Africa...

and a few others but...

Based on your posts, I don't think you read the statement properly Tafadhali, or understood it clearly.

I dont understand your statment, is that slang of some sort?
but its no secret the Kerzners are building a articificial island on the new tourism destination of the world...Dubai
its no secret they are tired of the Bahamian govt who doesnt let business
f(x) without the incessant meddling...
its no secret they have made all the money they came to make in the Bahamas...after ohase 3...and now they ready to cash out and go home so they can be closer to home in Africa...
and a few others but...


Dubai is a major shareholder in Atlantis so I heard ... they are the ones with the real $$ ..

:jawdroop: thats news to me nice looking out Tafadhali

look familiar??

http://www.atlantisthepalm.com/movie.html

More Kerzer Info. .
http://phx.corporate-ir.net/phoenix.zhtml?c=90874&p=irol-irhome

Based on your posts, I don't think you read the statement properly Tafadhali, or understood it clearly.

their preparing for their inevitable departure...and their trying to maximize their profit margin by taking their company private....the gentleman asked me what did I mean by "the writings on the wall" ie "in the long term" not "the short term" or "the medium term" as the PLP is known for saying...dont assume I wouldnt know or I misread or do I undestand...you should have given your suggestion of what you thought it meant as well, instead of assuming what's in my head...(its all about helping Bahamians understand on this site as you know)

...just wait watch and see...

Dubai is a major shareholder in Atlantis so I heard ... they are the ones with the real $$ ..

seems like you hear a lot rory ;)
I hope the UAE is concerned about what all this development will do to their natural environment...oil money or no money...you cant by a pristine and healthy environment no matter how hard folks try...an artificial island sounds criminal to mother nature...

look familiar??

http://www.atlantisthepalm.com/movie.html

More Kerzer Info. .
http://phx.corporate-ir.net/phoenix.zhtml?c=90874&p=irol-irhome


:jawdroop: sure do

their preparing for their inevitable departure...and their trying to maximize their profit margin by taking their company private....the gentleman asked me what did I mean by "the writings on the wall" ie "in the long term" not "the short term" or "the medium term" as the PLP is known for saying...dont assume I wouldnt know or I misread or do I undestand...you should have given your suggestion of what you thought it meant as well, instead of assuming what's in my head...(its all about helping Bahamians understand on this site as you know)
...just wait watch and see...


Who do you assume is preparing for their departure? I think people are interpreting this as the company is selling out so that they can pick up and move elsewhere, but I believe that is incorrect.

First of all, this deal incorporates all projects that are currently in progress through Kerzner; that includes the new Atlantis in Dubai. Remember, Atlantis, PI is not the only resort owned and operated by this company, not the first, and as the Palms shows, also isn't the last. Atlantis is not being sold or privatized you know, Kerzner International is. Furthermore, both Sol and Butch will remain as Chairman and CEO respectively, and will own a greater share of the company than they did before. What are they going to run to Africa to do...sit on their hands? It doesn't matter if they are in space, they still have a company to operate, which Atlantis, PI is a part of.

Atlantis is the flagship of Kerzner and will continue to be the flagship once it becomes privatized. The place makes money people, and will continue to do so for a very long time. People must realize the market that our Atlantis attracts, and will continue to attract.

Privatization does not mean the end of a business, or that original owners see no more profit in the company. There are pros and cons to the process, but it will be to no detriment to the Bahamas.

In other words, eeen nuttin to worry bout...

Who do you assume is preparing for their departure? I think people are interpreting this as the company is selling out so that they can pick up and move elsewhere, but I believe that is incorrect.
First of all, this deal incorporates all projects that are currently in progress through Kerzner; that includes the new Atlantis in Dubai. Remember, Atlantis, PI is not the only resort owned and operated by this company, not the first, and as the Palms shows, also isn't the last. Atlantis is not being sold or privatized you know, Kerzner International is. Furthermore, both Sol and Butch will remain as Chairman and CEO respectively, and will own a greater share of the company than they did before. What are they going to run to Africa to do...sit on their hands? It doesn't matter if they are in space, they still have a company to operate, which Atlantis, PI is a part of.
Atlantis is the flagship of Kerzner and will continue to be the flagship once it becomes privatized. The place makes money people, and will continue to do so for a very long time. People must realize the market that our Atlantis attracts, and will continue to attract.
Privatization does not mean the end of a business, or that original owners see no more profit in the company. There are pros and cons to the process, but it will be to no detriment to the Bahamas.
In other words, eeen nuttin to worry bout...

ive learned to trust my gut instincts...you keep thinking like that...you and many others will get caught off guard...this is a current event and I am talking about the long term significance...ie the writings on the wall....when ownership changes hands...there will be cost cutting and those 3000 Bahamians who are employed at the concentration camp will be affected like we'll never know...they need to be prepared they need to start planning their exit strategy...because it is them that will hurt...

talk to me and not at me ...make no mistake my world neither start nor ends with the privitization of KZL or the going abouts of these seedy characters...in business you learn to not get too attached to it...you have to know when to move on( S.Africa is their homeland- they have beaches their too you know and how convenient is it for Dubai to be so close to "home"... the G8 countries didnt forgive the debt of some of those African nations b/c they were poor people "sitting on their hands" in the jungle...you dont know Africa and if you are a person of African heritage you should be shot...and the white people are still going stealing and still havent left!)...look at the poor fella at the colina/imperial merger...i dont know why Bahamians feel business has to be a closed loop in this country...but maybe it has to do with the small market who knows...

...Atlantis is not the pride of the Bahamas and I want you to know that ill be the first Bahamian rejoicing when that monstrous atrocity and plantation is bulldozed...S. Afrikans (http://bahamasissues.com/showthread.php?t=2612)being here in the first place speaks to what is wrong with our nation right now...the foreign investors dream and desires are heralded and proclaimed as the Bahamians is put on the backburner...whose to say this couldnt have been a Bahamian idea or something like it...we arent allowed to dream we dont have big thoughts for our country... (and sadly our current lame/lackey PM doesnt get it)

This is Kernzers attempt to take their public listed company and make it private again. Its happening a lot now a days.

ive learned to trust my gut instincts...you keep thinking like that...etc. etc. (edited)


You know Tafadhali, you seem angry alot in your posts. I posted a calm response to the information you posted based on my opinion of the facts. How did you end up on me deserving to be shot, or me not knowing about Africa? As I eluded sometime earlier in my first response, you misinterpret things occassionally. In this instance you took the sitting on hands thing out of context. I was eluding to the point that no matter where they go, even if they run "home" to Africa like you said, they still have to run the operation at Atlantis, PI. Their company is committed to that.

No one can predict the future, no matter what their gut tells them. I'm not saying that they will leave or they will stay. I am saying that I THINK that there is no reason to assume that the operators of Atlantis will lose interest in their greatest investment and release the staff members that are required to run the facility. Think about it, can Atlantis be run on less staff than they currently have, more than likely not. Don't be so swift to think that something negative will happen as a result of one proposal.

This thread was the first one I responded to in about 6 months or so, I did not post to get entangled in an argument or debate and I don't plan to. I stated my opinion and I want people to consider it, when forming their own opinions on the matter. I don't wat people getting upset because they disagree with it without even thinking about the probable valid points.

Let's try to get this site back to where we had great discussions, instead of what has become a forum of argumentative zealots.

You know Tafadhali, you seem angry alot in your posts. I posted a calm response to the information you posted based on my opinion of the facts. How did you end up on me deserving to be shot, or me not knowing about Africa? As I eluded sometime earlier in my first response, you misinterpret things occassionally. In this instance you took the sitting on hands thing out of context. I was eluding to the point that no matter where they go, even if they run "home" to Africa like you said, they still have to run the operation at Atlantis, PI. Their company is committed to that.
No one can predict the future, no matter what their gut tells them. I'm not saying that they will leave or they will stay. I am saying that I THINK that there is no reason to assume that the operators of Atlantis will lose interest in their greatest investment and release the staff members that are required to run the facility. Think about it, can Atlantis be run on less staff than they currently have, more than likely not. Don't be so swift to think that something negative will happen as a result of one proposal.
This thread was the first one I responded to in about 6 months or so, I did not post to get entangled in an argument or debate and I don't plan to. I stated my opinion and I want people to consider it, when forming their own opinions on the matter. I don't wat people getting upset because they disagree with it without even thinking about the probable valid points.
Let's try to get this site back to where we had great discussions, instead of what has become a forum of argumentative zealots.

yes i know i hav a way with words but don for one second assume that im angry (in this regard).im just abrasive...and that's fine with me... and the afrikans want to be closer to home and away from the meddling Bahamian govt...youll see...