UPDATE 1-Singapore's Frasers Hospitality shareholders reject $966.5 mln take-private offer
(Adds details, background)
Sept 12 (Reuters) - Singapore's Frasers Hospitality Trust said on Monday a S$1.35 billion ($966.49 million) proposal to take the trust private had fallen through as it failed to garner the required shareholder approval.
Frasers Property Ltd, part of Thai tycoon Charoen Sirivadhanabhakdi's TCC Group, offered to buy out the rest of the stake in the trust it does not already own at S$0.70 per share.
Only 74.88% of shareholder votes were cast in favor of the take-private proposal, missing the 75% needed for the resolution to pass.
Shares of the trust, which has a property portfolio of about S$2 billion across Asia, Australia and Europe, closed at S$0.705 apiece on Friday, when they last traded. Trading of the trust's shares was halted on Monday.
Bankers and analysts had expected deals to take Singapore's real estate investment trusts (REITs) private to pick up in the face of higher interest rates.
($1 = 1.3968 Singapore dollars) (Reporting by Harshita Swaminathan; Editing by Anil D'Silva and Krishna Chandra Eluri)