City Development Seeks to Privatise Majority-Owned Millennium and Copthorne
City Developments, or CDL, has reached an agreement on price to acquire the remaining 35% stake of Millennium and Copthorne, or M&C, it does not already own. The cash offer of GBX 552.5 per share represents a 22% premium to the one-month volume-weighted average share price and 21.4% from the last close price. The GBX 552.5 consists of GBX 545 in cash and a special dividend of GBX 7.5. Net of the consolidated cash position of M&C, CDL has a cash balance close to SGD 3 billion post the div...City Developments is a property developer and owner and investment holding company. Co. and its subsidiaries have four reportable segments: Property Development, which develops and purchases properties for sale; Hotel Operations, which owns and manages hotels; Rental Properties, which develops and purchases investment properties for lease; as well as Others, which comprises club operator and owner, investment in shares, property management, project management and consultancy services and provider of information technology and procurement services. The property development, hotel operations and rental properties segments are managed on a worldwide basis.
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