CityDev kept at 'buy' by Jefferies amid renewed takeover bid for Millennium & Copthorne Hotels
Stanislaus Jude Chan • • 2 min read
SINGAPORE (June 11): Jefferies Singapore is keeping its “buy” recommendation on City Developments (CDL) with an unchanged target price of $12.00, amid a new takeover offer to acquire the remaining 34.8% stake in Millennium & Copthorne Hotels (M&C) for
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SINGAPORE (June 11): Jefferies Singapore is keeping its “buy” recommendation on City Developments (CDL) with an unchanged target price of $12.00, amid a new takeover offer to acquire the remaining 34.8% stake in Millennium & Copthorne Hotels (M&C) for 685 pence ($11.89) a share.
The latest offer is at a 37% premium to M&C’s last closing price before the announcement. It is also a 10% premium to the earlier offer of 620 pence, and a 9.5% premium to the highest price that M&C shares have traded at in the last 10 years.
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