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Singapore's City Developments offers to buy M&C

October 9, 2017 7:40 AM
27 0

Oct 9 (Reuters) - Singapore's City Developments has offered to buy the remaining shares of Millennium & Copthorne Hotels it did not own in a deal that values the UK-listed hotels group at about 1.8 billion pounds ($2.35 billion).

Under the offer, M&C shareholders would receive 552.5 pence in cash for each share, a premium of about 21.4 percent to M&C's closing share price on Friday.

M&C said it considers the financial terms to be fair and reasonable in a statement on Monday.

City Developments is part of Singapore-headquarterd Hong Leong Group, headed by billionaire Kwek Leng Beng.

City Developments indirectly held shares representing a 65.2 percent stake in M&C as of Oct. 9.

($1 = 0.7630 pounds) (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)


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