UPDATE 2-Singapore's CDL makes fresh bid to buy rest of Millennium & Copthorne Hotels [Reuters]
CITY DEVELOPMENTS S/ADR (CDEVY)
NASDAQ:AMEX Investor Relations:
ir.cdl.com.sg
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Source: Reuters
Singapore's CDL to buy rest of Millennium & Copthorne Hotels - Reuters 2 Min Read (Reuters) - Millennium & Copthorne Hotels Plc has agreed to be acquired by majority owner City Developments Ltd (CDL) in a deal that values the British company at 2.23 billion pounds ($2.84 billion), the two companies said on Friday. Shares of Millennium surged 35% to the top of the FTSE midcap index and were near the offer price of 685 pence per share. The Singapore-listed real estate firm owns a 65.2% stake in M&C, according to Eikon data from Refinitiv. The deal comes a year after minority shareholders of M&C blocked a takeover bid by CDL on the grounds that it did not reflect the value of the company’s property portfolio. Singaporean billionaire Kwek Leng Beng is the chairman of both the entities. On Friday, the operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said its independent directors consider the terms of the final offer to be fair and reasonable. “Taking M&C privat
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News
- City Developments Limited's (SGX:C09) market cap surged S$284m last week, private companies who have a lot riding on the company were rewarded [Yahoo! Finance]Yahoo! Finance
- Billionaire Kwek's CDL Steps Up Divestments With Singapore Mall Sale [Forbes]Forbes
- Singapore's URA Accepts Billionaire Cousins' Low Bids For Housing Sites [Forbes]Forbes
- CDL, GuocoLand Backed JVs Submit Sole Bids For Singapore Housing Sites As Demand Slows [Forbes]Forbes
- Should You Think About Buying City Developments Limited (SGX:C09) Now? [Yahoo! Finance]Yahoo! Finance