City Developments offers to buy London-listed M&C for $2.35 bln


This would value the entire Millennium & Copthorne (M&C) business at £1.8 bn (€2 bn).

The research house is maintaining its "buy" call on CDL with an unchanged price target of $13.60.

City Developments confirmed that it intends to maintain M&C's current business model and that it has no intention to sell or repurpose any of M&C's hotels in London or in NY. CDL took M&C public in 1996 after forming the company by purchasing the Copthorne hotel chain from Aer Lingus. The offer is a premium of 21.4 percent over M&C's closing share price on Friday of last week.

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CDL, which already holds a 65.2 percent stake in Millennium & Copthorne (M&C), would acquire the remaining 34.8 percent interest for £624.3 million ($822 million) under the terms of the proposed offer.

Of the offer price, 545 pence is payable in cash by City Developments' subsidiary Agapier Investments Ltd. and the rest will come via a special dividend which will be paid once the offer goes unconditional.

The Singaporean-based developer stressed the takeover was dependent on a number of conditions and there was no certainty that a formal offer would be made. M&C's portfolio is spread across Europe, the USA, the Middle East and Asia.

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Maybank said that CDL could "potentially unlock value in the asset-rich company in the medium term".

"While CDL is largely the preferred stock of those who have gradually turned positive on the Singapore market, we believe that further upside surprises will come on the back of better than projected sell-through rates at remaining unsold / unlaunched inventories in Singapore; further new landbanking opportunities; and stronger than projected sales at its worldwide portfolio, mainly in the United Kingdom", say the analysts.

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