Millennium & Copthorne Hotels (M&C)

CityDev kept at 'buy' by Jefferies amid renewed takeover bid for Millennium & Copthorne Hotels

SINGAPORE (June 11): Jefferies Singapore is keeping its “buy” recommendation on City Developments (CDL) with an unchanged target price of $12.00, amid a new takeover offer to acquire the remaining 34.8% stake in Millennium & Copthorne Hotels (M&C) for 685 pence ($11.89) a share.

The latest offer is at a 37% premium to M&C’s last closing price before the announcement. It is also a 10% premium to the earlier offer of 620 pence, and a 9.5% premium to the highest price that M&C shares have traded at in the last 10 years.

Can Singapore's hotels depend on automation to ease its manpower woes?

SINGAPORE (Apr 6): CDL Hospitality Trusts (CDL HT) is embracing automation amid a general lull in its local operations. The profitability of its Singapore hotels has been on a downtrend for the last five years, in line with the broader sector.

With the rise of sharing economy players such as Airbnb, which is now targeting business travellers and introducing features meant to entice human resource and travel managers, the pressure on hoteliers is on.

City Developments' takeover bid for M&C Hotels fails

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%.

City Developments not extending Jan 26 deadline for Millennium & Copthorne Hotels offer

SINGAPORE (Jan 17): City Developments says it is not extending its Jan 26 deadline for its offer to privatise Millennium & Copthorne Hotels.

See: City Developments to take Millennium & Copthorne private, values hotel group at $3.2 bil

The acceptance is conditioned on CDL receiving acceptances of the final offer of more than 50% of the M&C shares.

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

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.

Millennium & Copthorne independent directors recommend shareholders accept CityDev offer

SINGAPORE (Oct 20): The independent directors of Millennium & Copthorne Hotels have agreed to support City Development’s takeover offer of 552.5 pence in cash.

See: City Developments to take Millennium & Copthorne private, values hotel group at $3.2 bil

Millennium & Copthorne privatisation unlocks value for City Developments, say analysts

SINGAPORE (Oct 10): Brokers are unanimously positive on City Developments' potential offer for Millennium & Copthorne Hotels, given that the acquisition will be value accretive to the group.

On Monday, the developer announced it is offering 552.5 pence each for the remaining shares in M&C it does not own, in a deal which values the hotel group at £1.8 billion ($3.2 billion).

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