SINGAPORE (Jan 24): City Developments has extended its final offer deadline to 1pm, Jan 26, in its bid for Millennium & Copthorne Hotels plc.

This comes after the property group failed to receive more than 50% valid acceptances of offeree shares not owned by it at the first closing date of the final offer.

As at the deadline of 1 pm on Tuesday, total valid acceptances of 49.97 million shares had been received. This represents 44.21% of approximately 113 million offeree shares not owned by CDL and parties in concert with it.

According to CDL, there are a total of 324.8 million offeree shares in issue as at the close of business on Tuesday.

"The final offer will not be further extended and will be incapable of further acceptance after 1pm on Jan 26, 2018 unless the acceptance condition has been satisfied by that time," says CDL in a filing this morning.

The final offer is conditional upon CDL securing valid acceptances of more than 50%.

Under the Dec 8 terms of the final offer, offeree shareholders are 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.

Given it owns 65.2% of the offeree, CDL believes that there is little possibility of any third-party offeror emerging.

Shares of M&C Hotels closed 4 pence lower at 560 pence in London on Tuesday.