December 18, 2017 / 4:08 PM / 10 months ago

CDL urges M&C investors to consider "material premium" of takeover bid

LONDON, Dec 18 (Reuters) - City Developments Limited, which wants to buy-out minority shareholders in Britain’s Millennium & Copthorne Hotels, urged investors to consider the “very material premium” of its bid after a trio of investment firms rejected its offer.

CDL, which already owns 65.2 percent of M&C, said on Monday the three M&C investors that spurned its 620 pence-per-share ($8.31) offer in a public letter on Dec. 14 were using a “somewhat disingenuous” argument.

The trio said last week that they wanted other shareholders to help them block CDL’s bid, which values the FTSE 250 hotelier at about 2 billion pounds.

$1 = 0.7462 pounds Reporting by Ben Martin; Editing by Edmund Blair

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below