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SINGAPORE (Dec 9): Millennium & Copthorne Hotels has agreed to a sweetened takeover offer from City Developments.
City Developments, majority shareholder of M&C, offered 620 pence per share in cash to acquire the 34.8% of the hotelier that it does not already own.
This is 12.2% higher than CDL’s 552.5 pence per share cash proposal, announced on Oct 9.
The revised offer values the London-listed company at about 2 billion pounds ($3.6 billion).
The revised offer, which was declared final, has been recommended by M&C's independent directors. It was announced 75 minutes before a takeover panel deadline for CDL to make a firm offer or walk away.
Some of M&C's smaller shareholders had argued that CDL's Oct offer put too low a price on the business because it did not reflect the value of its extensive property portfolio.
M&C owns, operates and invests in 137 hotels around the world.
A source close to some of the minority investors told Reuters the improved offer still "materially" undervalues the company.
M&C shares rose 6% in London on news of the bid to close at 613.5 pence.
Shares of CDL closed 1 cent lower at $12.31 in Singapore on Friday.