January 26, 2018 / 4:27 PM / 10 months ago

Singaporean billionaire Kwek fails in attempt to acquire M&C Hotels

LONDON, Jan 26 (Reuters) - Singaporean billionaire Kwek Leng Beng has failed in his attempt to take over London-listed Millennium & Copthorne Hotels after a group of minority investors succeeded in blocking the deal.

City Developments Limited (CDL), Kwek’s vehicle which is also M&C’s majority shareholder, has secured acceptances from 47.14 percent of the hotelier’s minority investors for its 620-pence-a-share offer, falling short of the 50 percent threshold required for the bid to become unconditional, CDL said in a statement on Friday. (Reporting by Ben Martin, editing by David Evans)

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