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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results
Porsche posts Q1 profit drop on ramp-up costs