CDL offers compromise but decision lies with M&C Hotels shareholders

AFTER minority shareholders of Millennium & Copthorne Hotels (M&C) pushed back against an earlier attempt by sister company City Developments (CDL) to take the London-listed hotelier private, CDL bumped up its offer last Friday.

M&C's minorities now get to decide whether the deal goes through, by taking or leaving the revised offer of 620 pence a share, up from 552.5 pence earlier.

CDL, which already owns 65.2 per cent of M&C, has said that it will only go through with the privatisation if it gets acceptances of more than 50 per cent from the rest of M&C's shareholders, not counting the shares CDL owns.