Singapore’s CDL makes another bid for control of Millennium Hotels
Singapore-listed real estate firm City Developments Ltd (CDL) is hoping second time lucky with a takeover bid for UK based Millennium & Copthorne Hotels.
It first tried to buy the company in 2017 but didn’t secure enough of the shares it didn’t currently own.
CDL is Millennium’s major shareholder with a stake of more than 65%.
CDL is confident of completing it this time as it says it has ‘irrevocable undertakings’ from a number of important minority shareholders.
These shareholders own about 43% of remaining shares it doesn’t own.
Its bid values Millennium & Copthorne Hotels at £2.23 billion (S$3.9 billion) which represented a premium of more than a third.
"Taking M&C private is in line with CDL’s strong focus on boosting recurring income and enhancing underperforming assets," said CDL chief executive Sherman Kwek.
"The offer enables shareholders to exit an illiquid stock at a significant premium. We believe that a privatised M&C will be in the best position to navigate the increasingly challenging and competitive global hospitality landscape with agility and nimbleness."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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