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BRIEF-City Developments says ‍possible cash offer for Millennium & Copthorne Hotels by City Developments
October 9, 2017 / 6:22 AM / 13 days ago

BRIEF-City Developments says ‍possible cash offer for Millennium & Copthorne Hotels by City Developments

Oct 9 (Reuters) - Millennium & Copthorne Hotels Plc

* CITY DEVELOPMENTS LTD STATEMENT RE POSSIBLE OFFER

* ‍POSSIBLE CASH OFFER FOR MILLENNIUM & COPTHORNE HOTELS PLC (“M&C”) BY CITY DEVELOPMENTS LIMITED​

* ‍COS HAVE REACHED AGREEMENT ON PRICE AT WHICH M&C INDEPENDENT DIRECTORS WOULD RECOMMEND A POSSIBLE CASH OFFER TO BE MADE

* ‍UNDER TERMS OF PROPOSED OFFER, SHAREHOLDERS IN M&C WOULD BE ENTITLED TO RECEIVE 552.5 PENCE IN CASH FOR EACH M&C SHARE HELD​

* ‍OFFER REPESENTS A PREMIUM OF APPROXIMATELY 23.7 PER CENT. TO CLOSING PRICE PER M&C SHARE OF 446.7 PENCE ON 18 AUGUST 2017​

* ‍PROPOSED OFFER WOULD BE MADE UP OF A CASH AMOUNT OF 545 PENCE PER M&C SHARE, AND A SPECIAL DIVIDEND OF 7.5 PENCE PER M&C SHARE​

* ‍M&C INDEPENDENT DIRECTORS, ADVISED BY CREDIT SUISSE, CONSIDER FINANCIAL TERMS OF PROPOSED OFFER TO BE FAIR AND REASONABLE​

* ‍OFFER VALUES ENTIRE ISSUED ORDINARY SHARE CAPITAL OF M&C AT APPROXIMATELY £1,794 MILLION​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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