Kerry Properties Limited

Henderson's Lesson for Kerry
As the market climbs higher, Kerry Properties' privatisation bid is increasingly detached from reality. The latest announcement, at worst, indicates an April NAV of $16, even after allowing for $1 of deferred tax liabilities that may never crystallise, leaving a gaping offer discount. If Kerry wishes to avoid the fate of the Henderson Investment bid, it will have to increase the bid substantially. (16-Jun-03)

Kerry on Bidding, Mr Kuok
There's been a small initial increase in the bid for Kerry Properties, but it won't be enough to clinch the deal at 47% discount to NAV. When Henderson Land upped its bid for Henderson Investment, it ruled out a further increase, painting itself into a corner. Kerry Holdings has been wise enough not to do the same thing. We take a look at the other property holdings of key player Capital Group, who would have a lot to lose by accepting this derisory offer. (2-May-03)

Cash and Kerry
We never gave Robert Kuok credit - for his sense of humour until now, but his offer to privatise Kerry Properties at 47 cents on the dollar must be a joke. Back in 1996, the company's IPO was sold at 67 cents per dollar of NAV, and now with interest rates on the floor he wants to take it back. Perhaps he has not heard what happened to Henderson group in January. (24-Apr-03)

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