The local office of BMB Group, an investment firm based in the Cayman Islands, has confirmed that it offered $3.4 billion in cash to take over hospitality firm Kerzner International. The Bahamas-based firm, which developed and owns resorts such as the popular Atlantis chain in the Bahamas and Dubai, has reportedly said it is not for sale.
In a statement, BMB, one of the largest shareholders of Kerzner, said it believes that the hospitality and real estate assets within the company have significant potential, particularly in Asia. However, BMB said it would divest Kerzner’s casino assets if the deal could be reached. Kerzner properties also include One & Only resorts, located in the Bahamas, Dubai, Mexico, South Africa, Maldives and Mauritius.
A subsidiary of BMB, based in Malaysia, is making the offer, but company officials said in the statement that the investors are spread out globally. BMB was founded by 2004 by Rayo Salahadin Withanage and H.H. Prince Abdul Ali Yil-Kabier of Brunai, but has no official link to the Brunai government. Since 2009, the company has acquired the hospitality and investment firms Contrarian Capital and Alliance Capital Group, which have consolidated assets of more than $4.5 billion.
