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As deadline looms, CDL's M&C offer yet to hit conditional acceptance threshold
CITY Developments Ltd (CDL) on Wednesday reported that the percentage of valid acceptances for its takeover offer of London-listed Millenium & Copthorne Hotels (M&C) is still shy of the conditional acceptance threshold.
The reported figure comes three days ahead of the deadline, with property firm CDL saying that the deadline for minority shareholders to accept its offer to acquire all of M&C, is Jan 26, 2018.
It said on Wednesday it has received accepted offers representing just 44.2 per cent of shares not already owned or controlled by it. The final offer is conditional upon CDL securing valid acceptances of more than 50 per cent.
CDL, a majority shareholder which holds more than 65 per cent of M&C, had raised the offer price to 620 pence per share, up from 552.5 pence earlier.
This offer, which CDL said is final and will not be raised further, values M&C at about £2.01 billion (S$3.71 billion), compared with the previous valuation of £1.8 billion.