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City Developments' plan to privatize Millennium & Copthorne is unconditional

City Developments Ltd. said its £2.23 billion offer to privatize Millennium & Copthorne Hotels PLC became unconditional in all respects, after holders of more than 50% of ordinary shares City Developments didn't already own accepted the offer.

As of Sept. 12, the Singapore-based property company received valid acceptances for 65,884,995 shares or approximately 58.28% of the ordinary share capital that it did not already own in the London-based hospitality group, according to a filing.

The offer will remain open for further acceptance until Sept. 27.

Delisting of Millennium & Copthorne is expected on Oct. 11, the companies noted.