CityDev raises M&C takeover offer to 620 pence per share

Minority investors slammed the earlier bid.

City Developments Limited (CDL) raised the price of its takeover offer for Millennium & Copthorne (M&C) to 620 pence per share.

According to an announcement, CDL held 65.2% of M&C's shares. It previously offered 552.5 pence per share, which totalled to $3.2b.

The final offer values the entire share capital of M&C to $3.64b (£2.01b).

Reuters reported that the earlier bid mad on 9 October was heavily criticised by minority investors.

Upon the final offer becoming or being declared wholly unconditional, M&C will apply for delisting from the Official List of the UK Listing Authority (UKLA).

M&C is an international hotel group which owns, leases, manages, franchises, invests in, and operates 137 hotels in 27 countries around the world.