Singapore's CDL Offers to Buy Out Millennium & Copthorne Hotels in $822M Deal

Singapore's CDL Offers to Buy Out Millennium & Copthorne Hotels in $822M Deal

Singapore's CDL Offers to Buy Out Millennium & Copthorne Hotels in $822M Deal

Property giant City Developments (CDL) said on Monday (Oct 9) that it is considering a proposed cash offer for London-listed subsidiary Millennium & Copthorne Hotels at 552.5 pence a share.

The Singapore-listed real-estate company, which now owns 65.2% of M&C, is offering 552.5 pence for each of the remaining shares in the hotel company.

CDL now owns 65.20% of M&C shares. CDL is also offering a special dividend of 7.5 pence per share payable to all of M&C's shareholders upon the offer becoming unconditional.

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This morning CDL announced its board had come to an agreement with the hotel chain's independent non-executive directors over a possible cash offer for the remaining shares, which values the company at just under £1.8bn.

Brokers are unanimously positive on City Developments' potential offer for Millennium & Copthorne Hotels, given that the acquisition will be value accretive to the group.

Monday's announcement comes after CDL's S$906.7 million joint-deal with Hong Leong Group's private real-estate arm Hong Realty for the 200-unit Amber Park in Katong last Wednesday.

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CDL said that it meant to maintain M&C's current business model, in particular to run the business as an owner and operator of its hotel portfolio.

M&C, which operates the Millennium, Grand Millennium, Copthorne and Kingsgate brands, has a portfolio of over 130 hotels in 17 countries around the world, from the Millennium Biltmore Los Angeles to the Grand Millennium Beijing. However, the company will not sell or repurpose any of the hotels in London or in NY.

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