City Developments Ltd. (C09.SG) said Friday that it and Millennium & Copthorne Hotels PLC (MLC.LN) have agreed an increased offer for M&C that values it at 2.01 billion pounds ($2.69 billion), a 12% increase over the previous offer.
The Singapore-listed company, which currently owns 65.2% of M&C, is now offering 600 pence in cash for each share held, plus a special dividend of 20 pence once the offer has been declared unconditional.
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City Developments previously offered 545 pence per M&C share, plus a special dividend of 7.5 pence. It said the new offer is final.
M&C's independent directors said they consider the terms of the final offer to be fair and reasonable and recommend that shareholders accept it.
Upon the final offer becoming or being declared wholly unconditional, M&C will apply for de-listing from the London Stock Exchange.
City Developments is a Singapore-based international property and hotel conglomerate. It currently owns and manages a portfolio of residential and investment properties, with operations in 97 locations in 26 countries.
It intends to remain a hotel owner and operator, and has no intention to sell or repurpose any hotels in London or New York for at least three years.
M&C shares at 1600 GMT were up 31 pence, or 5.4, at 609 pence.
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(END) Dow Jones Newswires
December 08, 2017 11:29 ET (16:29 GMT)