Hong Kong tycoon Kadoorie to boost stake in Peninsula hotel operator for US$337 million, triggering a record stock rally

Billionaire Michael Kadoorie is paying almost double the market price to boost his family’s stake in the Hong Kong and Shanghai Hotels that owns the Peninsula hotel in the city. The stock surged by the most in more than two decades.The family has agreed to buy 205.3 million shares from asset management group Seekers Capital Partners and other undisclosed sellers for HK$2.63 billion (US$337.5 million) or HK$12.80 per share, according to an exchange filing on Monday. The purchase will raise the…


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