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City Developments values Millennium & Copthorne at £2B in sweetened offer

City Developments Ltd. increased its offer for Millennium & Copthorne Hotels Plc, valuing the hotel company at roughly £2.01 billion.

The company is now offering £6.00 per Millennium share, plus a special dividend of 20 pence, a 12% increase over its previous offer of £5.45 per share, plus a special dividend of 7.5 pence.

Millennium's independent directors have recommended that shareholders accept the final offer.

After the final offer is declared wholly unconditional, Millennium will apply for delisting from the London Stock Exchange.