City Developments' takeover bid for M&C Hotels fails

SINGAPORE (Jan 28): City Developments has failed in its takeover bid of Millennium and Copthorne Hotels (M&C Hotels).

This comes after CDL and parties in concert failed to secure valid acceptances representing more than 50% of shares not already owned them, at the final closing date of the final offer.

As at 1pm on Jan 26, the CDL parties received a total of 53.3 million shares, representing 47.14% of the shares not already owned by them.

---

Related Stories

• CDL top pick for Singapore residential sector; robust pipeline of launches ahead: DBS
• CDL joins CLI in guiding for lower FY2023 earnings
• CDL reports total sales value of $325 mil for 3QFY2023 as market sentiments improve

---