City Developments agreed to acquire the rest of Millennium & Copthorne Hotels for £776m ($985m) in a deal that values the British company at £2.2bn ($2.8bn). The offer is for 685p ($8.60) per share, which represents a 37% premium to the M&C's closing price last day. The Singapore-listed real estate firm owns a 65.2% stake in M&C. The deal comes a year after minority shareholders of M&C blocked a takeover bid by CDL because it did not reflect the value of the company's property portfolio. CDL's previous offer had been for 620 pence a share. Sherman Kwek, Group CEO of CDL, commented: "Taking M&C private is in line with CDL's strong focus on boosting recurring income and enhancing underperforming assets. We are pleased to have garnered the support of M&C's Independent Directors and key minority shareholders. The offer enables shareholders to exit an illiquid stock at a significant premium. We believe that a privatized M&C will be in the best position to navigate the increasingly challenging and competitive global hospitality landscape with agility and nimbleness. M&C will be able to leverage CDL's significant resources, comprehensive real estate capabilities, and global network to reposition its assets and drive sustainable hotel performance."