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US$2.34B bid for Millennium & Copthorne

The majority owner of Millennium & Copthorne, City Developments Limited, has put in a bid to buy the remaining shares of the hotel company.

The deal, offered by Singaporean billionaire Kwek Leng Beng’s Hong Leong Group, puts the company’s worth at nearly £1.8 billion (US$2.34 billion), according to the Financial Times. Shareholders of the U.K.-listed M&C would receive a premium of about 21.4% to Friday’s closing share price, CDL said in a statement. Kwek also is chairman of M&C.

According to the statement, “CDL confirms that it intends to maintain M&C’s current business model, in particular to run the business as an owner and operator of its hotel portfolio. CDL also confirms it has no intention to sell or repurpose any of M&C’s hotels in London or in New York.” It has until November 6 to confirm the bid. 

The directors of M&C said today they considered the terms of the offer to be fair and reasonable, according to the FT. Millennium & Copthorne, founded in 1995, has 134 hotels of various brands around the world.

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