Singapore’s second-largest property developer is offering to buy out shareholders of Millenium & Copthorne Hotels in a deal that would value the company at $2.84 billion. City Developments said in a statement on Friday 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 June 6 closing price of 500 pence. . City 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, according to the statement. The Millenium ...
Singaporean real estate company City Developments has made a final offer to buy out shareholders of London - based hotel chain Hilton & Copthorne . The deal , which would be worth $ 2.84bn , will go through if over half of the remaining shareholders agree , and would be for £ 6.85 ( $ 8.67 ) per share , a 37 % increase from the closing price of £ 5 on 6 June . The hospitality firm , which operates 135 locations in the UK , the Middle East and New Zealand among other countries , is already 50 % owned by City Developments , Singapore 's second largest realtor .