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Singapore's City Developments to buy Millennium & Copthorne for ?2.23bn

Fri, 07th Jun 2019 17:39

(Sharecast News) - Shares in Millennium & Copthorne rocketed on Friday after it agreed to be bought by Singapore-listed real estate company City Developments (CDL) for £2.23bn.City Developments has offered 685p a share in cash for the remaining 43.58% of the hotel chain that it does not already own, which represents a premium of around 37% to the closing price on 6 June. In addition, it's 65p higher than the offer it made back in December 2017, which failed to secure the required acceptances.M&C's independent directors said the offer was "fair and reasonable" and they intend to unanimously recommend that shareholders accept it.Once the deal has completed, City Developments said it plans to de-list Millennium & Copthorne from the London Stock Exchange.CDL's chief executive, Sherman Kwek, said that taking M&C private is in line with its "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 privatised 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."Millennium's independent directors said "the offer provides M&C independent shareholders with the ability to realise their investments in cash at a valuation which has not been seen since 2007".M&C shares closed up 36% at 680p.
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26 Jul 2018 12:28

Millennium & Copthorne to take a hit from London Mayfair hotel closure

(Sharecast News) - Millennium & Copthorne Hotels announced on Thursday that, as part of its commitment to increase investment in its assets as it announced in its preliminary results for the period ended 31 December, a decision has been made to close the Millennium Hotel London Mayfair entirely during the remainder of its refurbishment programme.

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27 Apr 2018 16:06

UK Earnings, Trading Statements Calendar - Next 7 Days

Monday 30 April WPPTrading Statement Diversified Gas & OilFull Year Year Global

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27 Apr 2018 16:06

UK Shareholder Meetings Calendar - Next 7 Days

Monday 30 AprilCarpetright (re approval of equity raise)Old MutualGreencoatUK 1 Lloyd Thompson 2 Tinto

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12 Mar 2018 10:22

Ex-divs to take 1.4 points off FTSE 100 on March 15

LONDON, March 12 (Reuters) - The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. to at

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17 Feb 2017 07:12

Weak sterling helps Millennium & Copthorne weather tough year

(ShareCast News) - International accommodation operator Millennium & Copthorne posted its final results for the 2016 calendar year on Friday, with group revenue per available room (RevPAR) increasing 6.6% to £76.71. The FTSE 250 firm said that in constant currency, however, RevPAR fell by 2.3%, and

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10 Feb 2017 16:11

UK Earnings, Trading Statements Calendar - Next 7 Days

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26 Jan 2017 12:42

UPDATE 2-Whitbread to stick to London hotel growth plan despite slowdown

* Whitbread to press on with Premier Inn London expansion * Costa Coffee sales prove bright spot (Adds CEO quote, details) By Rahul B Jan 26 (Reuters) - The head of Whitbread Plc, the owner of Premier Inn hotels and the Costa Coffee chain, said the company would stick to its p

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7 Nov 2016 09:29

BROKER RATINGS SUMMARY: JPMorgan Raises Price Targets For Miners

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2 Nov 2016 12:50

UPDATE 1-Millennium & Copthorne's London hotels get a boost from pound's fall

(Adds company comments, details, background) By Esha Vaish Nov 2 (Reuters) - Millennium & Copthorne Hotels reported a 28 percent rise in third-quarter profits on Wednesday, boosted by the slump in sterling after Britain voted to leave the European Union which had also attracted more

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2 Nov 2016 07:56

Millennium & Copthorne profit boosted by weaker pound

(ShareCast News) - Millennium & Copthorne reported a rise in profit in the third quarter as it benefited from a weaker sterling in the aftermath of the UK's vote to leave the European Union. In the quarter to the end of September, pre-tax profit was up 27.8% to £46m, on revenue of £247m, up 17.1%. F

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2 Nov 2016 07:35

Brexit-induced pound slide attracts tourists to M&C's London hotels

Nov 2 (Reuters) - Millennium & Copthorne Hotels Plc said that more tourists visited its London hotels thanks to the sharp decline in sterling since Britain voted to leave the European Union, but it added that the outlook for the UK economy remained uncertain. The operator of the Millennium

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23 Sep 2016 15:06

UK Dividends Calendar - Next 7 Days

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3 Aug 2016 11:56

UPDATE 1-M&C Hotels hit by European security fears

(Adds CEO comments, details) By Esha Vaish Aug 3 (Reuters) - Millennium & Copthorne Hotels Plc said Islamist attacks in continental Europe and Britain's vote to leave the European Union had added to its problems after a disappointing performance in the first half of the year. T

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3 Aug 2016 07:33

Millennium & Copthorne posts 'disappointing' first half

(ShareCast News) - Millennium & Copthorne Hotels posted its half-year report for the six months to 30 June on Wednesday, with Group revenue per available room (RevPAR) in constant currency falling by 4.2% to £67.91, compared to £70.88 in the same period last year. The FTSE 250 firm put the drop down

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1 Jul 2016 10:11

Millennium & Copthorne Appoints JPMorgan's Kok-Kee Chong As CFO

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