2 fund management firms oppose CDL's takeover bid for M&C

London

TWO fund management firms have joined an investor revolt against the planned 1.8 billion pound (S$3.2 billion) takeover of Britain's Millennium & Copthorne Hotels (M&C) by City Developments Limited (CDL) , its majority shareholder.

International Value Advisers (IVA) and MSD Partners, which own 7 per cent and 1.9 per cent respectively of London-listed M&C, have sent a letter to the hotel company's independent directors to criticise them for supporting the 552.5 pence per share takeover proposal from Singapore's CDL, which is part of billionaire Kwek Leng Beng's Hong Leong Group.