Announced
Financials
Sources
Tags
Hotels and Motels
hotel management
hotel ownership
United Kingdom
Public
Acquisition
Friendly
Single Bidder
Failed
Private Equity
Synopsis
Sale by MSD Partners, International Value Advisers and Classic Fund Management, of Millennium & Copthorne Hotels, a UK-based operator of hotels, to City Developments. Under the terms of the deal, M&C Shareholders were entitled to receive a cash amount of 545 pence per M&C Share payable together with a special dividend of 7.5 pence per M&C Share. Grant Kelley, CEO of CDL, commented: "We are pleased to have reached agreement on a final, recommended increased offer for M&C which enables shareholders to exit at a substantial premium. We are absolutely committed to maintaining M&C's strategy as both a hotel owner and operator, recognising the value of M&C's long term, recurring income stream which has always been a critical component of CDL's overall operating performance. In taking M&C private, we believe the company will be best placed to compete in this increasingly competitive global landscape, benefitting from greater investment and the ability to further leverage CDL's significant infrastructure and resources."
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