Real Estate

Singapore’s City Developments to acquire Millennium at $2.8 billion

City Developments's Millennium Hotels/Bloomberg

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City Developments already owns 65.2 per cent of the shares in the company, and the final offer is conditional on more than half of the remaining shareholders accepting.

Tuesday 11, June 2019

(Bloomberg) --Singapore’s second-largest property developer is offering to buy out shareholders of Millennium & Copthorne Hotels in a deal that would value the company at $2.84 billion.

City Developments stated that it has made a final offer for the London-traded hotel chain at 685 pence per share, representing a 37 per cent premium to the 6 June closing price of 500 pence up from a previous offer of 620 pence per share.

Several minority owners that represent about 43.6 per cent of outstanding shares have already agreed, said City Developments.

The Millennium & Copthorne chain comprises 135 hotels in the UK, Middle East as well as New Zealand and other countries.

 

TAGS : City Developments, Millennium & Copthorne Hotels

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