CDL sweetens offer for M&C Hotels

Singapore

CITY Developments Limited (CDL) has raised its offer price to acquire the remaining stake in London-listed Millenium & Copthorne Hotels (M&C) that it does not yet own, in a deal that M&C's independent directors have agreed to.

CDL, a majority shareholder which currently holds 65.2 per cent of M&C, has raised the offer price to 620 pence per share, up from 552.5 pence earlier.