P. M. BRIEFING : Temple Ups Sea Containers Bid
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NEW YORK — Temple Holdings Ltd. said today that it has sweetened for a second time its hostile offer for Sea Containers Ltd., by about $20 million to $1.04 billion.
Temple, which began its takeover bid last spring, increased a previously raised cash offer in August for Sea Containers’ common stock to $70 a share from $63 a share, and for each of its convertible preferred stock to $112.70 from $101.43.
A Temple spokesman said the new bid, which was extended to Dec. 22 from Dec. 11, valued Sea Containers at $1.04 billion, up from $1.02 billion.
The initial offer in May totaled $824 million, or $50 a share per common share and $80.50 for preferred.
Wall Street reacted positively to the latest offer today. In midday trading on the New York Stock Exchange, Sea Containers jumped $2.50 a share to $68.75.
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