City Developments' takeover bid for M&C Hotels fails

City Developments' takeover bid for M&C Hotels fails

PC Lee
28/01/18, 10:00 am

SINGAPORE (Jan 28): City Developments has failed in its takeover bid of Millennium and Copthorne Hotels (M&C Hotels).

This comes after CDL and parties in concert failed to secure valid acceptances representing more than 50% of shares not already owned them, at the final closing date of the final offer.

As at 1pm on Jan 26, the CDL parties received a total of 53.3 million shares, representing 47.14% of the shares not already owned by them.

CDL had earlier extended its final offer deadline from Jan 23, to Jan 26, after securing 44.21%.

CDL says, "The board of CDL respects the decision of the offeree shareholders. CDL remains committed to maintaining its controlling shareholding in the offeree, supporting the offeree’s strategy as a hotel owner and operator and the extensive capital expenditure program required to improve performance."

As at the close of Jan 25, CDL and its parties hold 211.7 million shares out of 324.8 million issued shares in M&C Hotel, representing a 65.2% stake.

This comprises Singapura Developments which owns 170.6 million shares and Reach Across International which owns 41.1 million.

Under the Dec 8 terms of the final offer, shareholders were entitled to receive a cash amount of 600 pence per share, plus a special dividend of 20 pence.

This was a revision from the first offer of 545 pence in cash, plus a special dividend of 7.5 pence.

Shares in London-listed M&C Hotels closed 27 pence lower at 546 pence on Friday.

UOB and KrisFlyer launch credit card for pairing with savings account to earn air miles from spending

SINGAPORE (Apr 23): United Overseas Bank (UOB) and KrisFlyer have launched the KrisFlyer UOB Credit Card. This is a credit card which can be combined with a savings account to earn bonus KrisFlyer miles when customers spend and save. With the KrisFlyer UOB Credit Card, cardmembers will earn three KrisFlyer miles on their everyday spending, such as on dining and online food delivery, online shopping and public transport. KrisFlyer is Singapore Airlines Group’s frequent flyer programme. According to UOB and KrisFlyer, these everyday spend categories were chosen as they were the fas....

ComfortDelGro deepens footprint in Australia with A$28.3 mil bus acquisition

SINGAPORE (Apr 23): ComfortDelGro Corporation announced Tuesday it is acquiring Australian bus service operator B&E Blanch for A$28.3 million ($27.5 million). B&E Blanch, which has a fleet of 48 buses and coaches, runs scheduled route and school bus services in New South Wales (NSW). The company operates as Blanch’s Bus Company and Brunswick Valley Coaches. The latest acquisition is ComfortDelGro’s sixth acquisition in Australia in the last 12 months, and its fifth in NSW. ComfortDelGro says the purchase consideration, which is approximately 7.6 times EBITDA, will be ....

UIC posts 35% higher 1Q earnings of $81 mil on higher contribution from associated companies

SINGAPORE (Apr 23): United Industrial Corporation (UIC) declared earnings of $81.1 million for 1Q19, 35% higher than $60.2 million in 1Q18. This came on the back of a 12% increase in revenue to $185.3 million from $165.7 million a year ago, mainly due to higher sales of trading properties with higher sales achieved for the group’s residential development projects; higher contribution from investment properties; and higher contribution from information technology operations. The group’s hotel operations remained stable. As cost of sales also increased by 17% y-o-y to $105.5 million, g....