Millennium & Copthorne shareholders reject CDL bid

27 January 2018 by
Millennium & Copthorne shareholders reject CDL bid

Minority shareholders of Millennium & Copthorne Hotels (M&C) have rejected a bid from the majority stakeholder to acquire the reminder of shares in the global business.

The M&C independent committee allowed the bid from Singapore-based City Developments Limited (CDL), which owns 65.2% of the company, to lapse on Friday, despite recommending minority shareholders accept the offer.

Under the terms of the final offer, CDL, headed by chairman Kwek Leng Beng, made a cash offer for the business valuing each share at 620p each.

The independent committee, which was approached by CDL in August 2017 and initially rejected two proposed offers. However, it later accepted the final offer of 620p per share and recommended that it be accepted by minority shareholders, which was then rejected.

M&C will now remain as a listed company with CDL continuing as the controlling shareholder.

M&C comprises 130 hotels in 17 countries. Its 21-strong UK portfolio includes Bailey's and Chelsea Harbour hotels in London and Hard Day's Night hotel in Liverpool (pictured), as well as properties operating under the two separate brands: Millennium and Copthorne.

CDL bids for full control of Millennium & Copthorne Hotels >>

Millennium & Copthorne's annual results negatively impacted by weak pound >>

Fall in sterling boosts Millennium & Copthorne revenue and profit >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking