SINGAPORE: Singapore-listed real estate firm City Developments Ltd announced on Friday another attempt to buy Britain's Millennium & Copthorne Hotels, this time for £2.23 billion .AdvertisementCurrently, CDL owns approximately 65.2 per cent of M&C. This offer is final and will not be increased.
Shares of M&C surged 35 per cent to 680 pence after the announcement, topping gainers on the FTSE midcap index .This represents an increase of 65 pence from the previously recommended final cash offer of 620 pence per M&C share made to M&C shareholders on Dec 21, 2017.CDL in 2017 offered to take M&C private in a deal valued at £1.8 billion.
Mr Sherman Kwek, CDL’s group CEO, said: “Taking M&C private is in line with CDL’s strong focus on boosting recurring income and enhancing underperforming assets. "The offer enables shareholders to exit an illiquid stock at a significant premium. We believe that a privatised M&C will be in the best position to navigate the increasingly challenging and competitive global hospitality landscape with agility and nimbleness. M&C will be able to leverage CDL’s significant resources, comprehensive real estate capabilities and global network to reposition its assets and drive sustainable hotel performance.