Millennium & Copthorne Hotels (M&C)

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 ...
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, ...
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. Given it already owns 65.2% ...
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. See: City Developments to ...
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 The recommendation comes after Credit Suisse, financial adviser to M&C's independent directors, found CDL’s offer price to ...
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). See: ...