Real estate development company City Developments Ltd. (CDEVY) said Friday that it will not be able to buy Millennium & Copthorne Hotels PLC (MLC.LN) because the offer period for the deal has lapsed.
City Developments said on Tuesday that it had extended the offer period for the deal to Friday as it attempted to secure the outstanding shares of Millennium & Copthorne required to close the deal.
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The company said it already owned 65% of Millennium & Copthorne and had secured 47% of the shares not yet in its possession, just missing the minimum 50% of the shares not in its possession it needed to secure before proceeding with the acquisition.
The real estate development said that it would continue to maintain its shareholding in Millennium & Copthorne and support the company's strategy, as well as the necessary capital expenditure program required to improve performance.
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(END) Dow Jones Newswires
January 26, 2018 11:57 ET (16:57 GMT)