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Sun 17 Oct 2010 11:28 AM

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Sol Kerzner's Dubai assets attract buyout bid

Investment firm BMB Group makes $3.5bn cash offer for Kerzner International Holdings

Sol Kerzner's Dubai assets attract buyout bid
Kerzner International Holdings holds a string of hospitality assets, including Dubais Atlantis Resort

Investment firm BMB Group has made an unsolicited bid of $3.4bn cash for Kerzner International Holdings, excluding the firm's casino assets.

"We are not interested in casino assets, but are growing our global real estate exposure and are particularly interested in the hospitality sector," BMB said in a statement.

Kerzner International operates a string of resorts and luxury hotels, including Atlantis resorts in Dubai and the Bahamas and Mazagan Beach Resort in Morocco. Owner Sol Kerzner, the South African hotel heavyweight, took the company private in 2006.

Kerzner International also operates six luxury resorts under the One&Only brand in Dubai, the Bahamas, Mexico, Mauritius, the Maldives and South Africa.

BMB said its interest in Kerzner was due to its interest in hospitality real estate and its confidence in the future of Dubai as a destination.

Kerzner International, however, has stated the firm is “not for sale”.

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