Singapore-based mainboard-listed real estate developer, City Development Limited has announced an offer to buy UK-based listed hospitality company, Millenium & Copthorne Hotels.
The offer, a total of GBP2.23 billion (SGD3.9 billion), represents a 37 per cent premium to M&Cs closing price of GBP500 per share on 6 June 2019.
CDL owns approximately 65.2 per cent of M&C currently and has stated that the offer is final and will not be increased. Once completed, the move will bring the operator of Millennium, Grand Millennium, Copthrone and Kingsgate hotels back into the fold of billionaire Kwek Leng Bengs property empire.
Previously in 2017, CDL offered to take M&C private in a deal valued at GBP1.8 billion but the transaction did not materialize as the minimum acceptance condition of more than 50 per cent of M&Cs shares was not satisfied.
M&C has a portfolio of more than 140 hotels in over 26 countries.
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