City Developments Ltd. received valid acceptances for 112,156,174 shares or approximately 99.21% of the issued share capital of Millennium & Copthorne Hotels PLC it does not already own under its £2.23 billion buyout deal for the London-based hospitality group, as of Sept. 27.
The acceptances include those received in respect of 49,151,167 shares, or about 15.13% of the existing issued ordinary share capital of Millennium & Copthorne Hotels and approximately 43.48% of shares not already owned by the buyers, as of June 7.
The Singaporean property company, through its indirectly and wholly owned company Agapier Investments Ltd., will start its compulsory takeover of the remaining Millennium & Copthorne Hotels shares.
The offer will remain open for acceptances until further notice. The shares are expected to be delisted from the London Stock Exchange's main market Oct. 11.
Barclays Bank PLC and BofA Merrill Lynch are acting as joint financial advisers to the buyers.
