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M&C Hotels agrees to sweetened 620 pence per share offer from CityDev

Property

M&C Hotels agrees to sweetened 620 pence per share offer from CityDev

PC Lee Published on Sat, Dec 09, 2017 / 5:50 AM GMT+8

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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.

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