Renewed M&C offer lifts CDL shares 5.9% higher

Singapore

CITY Developments Limited (CDL) shares got a sprightly start to the week on its renewed offer for all remaining shares in London-listed subsidiary Millennium & Copthorne hotels (M&C).

The mainboard-listed property developer's stock added S$0.50 or 5.9 per cent up at S$8.97 on a volume of 4.6 million shares, close to double the full-day average daily volume over the last 15 trading days.

On Friday, CDL announced a second takeover offer for M&C with a higher cash offer of 685 pence (S$11.86) per share, a 37 per cent premium over the five-year high of 500 pence…