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Precondition in Millennium & Copthorne/City Developments deal satisfied

Millennium & Copthorne Hotels PLC and City Developments Ltd. said a precondition to a cash deal under which City Developments will acquire Millennium has been satisfied.

London-headquartered Millennium agreed in June to be taken private by the Singaporean real estate operator in a deal that values the international hotel group at £2.23 billion.

The condition involved the grant of consent and/or receipt of applicable exemptions under the New Zealand Overseas Investment Act 2005 and the New Zealand Overseas Investment Regulations 2005 for the indirect purchase of stakes in sensitive land and significant business assets in New Zealand that would occur if a final offer takes place and is successful.

Barclays Bank PLC and BofA Merrill Lynch are the joint financial advisers to City Developments and its Agapier Investments Ltd. unit, while Credit Suisse International is the financial adviser and corporate broker to Millennium.