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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Millennium & Copthorne Hotels plc    MLC   GB0005622542

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Millennium pthorne Hotels : CDL hires Georgeson to woo investors in M&C Hotels bid - sources

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01/12/2018 | 06:57pm CET
A City Developments Limited (CDL) logo is ssen on a building in Singapore

The Singaporean billionaire trying to buy Millennium & Copthorne Hotels (>> Millennium & Copthorne Hotels plc)(M&C) has hired advisory firm Georgeson to help to drum up investor support for the deal in the face of shareholder opposition that could derail the bid.

The Singaporean billionaire trying to buy Millennium & Copthorne Hotels (>> Millennium & Copthorne Hotels plc)(M&C) has hired advisory firm Georgeson to help to drum up investor support for the deal in the face of shareholder opposition that could derail the bid.

City Developments Limited (CDL), the vehicle of businessman Kwek Leng Beng, has offered 620 pence per share to acquire the 34.8 percent of M&C that it does not already own in a bid that values the London-listed hotelier at 2 billion pounds.

However, the offer has been criticised by three of M&C's minority investors, who have spurned the bid and called on other shareholders to follow suit.

The trio -- International Value Advisers, MSD Partners and Classic Fund Management -- have said they represent about 37 percent of the stock that Kwek, who also acts as M&C's chairman, has offered to buy.

If opposition to CDL's bid mounts, the offer is at risk of failing because the Singaporean suitor needs acceptance from minority shareholders holding more than 50 percent of the stock not already owned by Kwek.

CDL has enlisted the help of Georgeson to galvanise support for its offer, said four people close to the matter.

Georgeson is one of the leading shareholder advisory firms, which work to help clients to understand the views of investors and profile shareholder bases.

It is not known when CDL first appointed Georgeson.

CDL has declared its offer final, meaning it cannot be increased under Britain's takeover rules. It initially proposed buying out M&C's minorities for 552.5 pence a share but was forced to raise its bid after some minority shareholders argued that it undervalued the hotelier.

M&C's global business spans 137 hotels it either invests in, owns, franchises or operates.

The first closing date for investors to tender their shares to CDL is Jan. 23, though that deadline can be extended.

CDL, Georgeson and M&C declined to comment.

(Reporting by Ben Martin; Editing by David Goodman)

By Ben Martin

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News from SeekingAlpha
2017 An M&A Deal That Will Break Soon
2016 Millennium & Copthorne Hotels Trades At A Discount To NAV
Financials ( GBP)
Sales 2017 1 028 M
EBIT 2017 180 M
Net income 2017 121 M
Debt 2017 677 M
Yield 2017 1,53%
P/E ratio 2017 16,22
P/E ratio 2018 15,77
EV / Sales 2017 2,40x
EV / Sales 2018 2,37x
Capitalization 1 789 M
Chart MILLENNIUM & COPTHORNE HOT
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Millennium & Copthorne Hot Technical Analysis Chart | MLC | GB0005622542 | 4-Traders
Technical analysis trends MILLENNIUM & COPTHORNE HOT
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 3
Average target price 5,62  GBP
Spread / Average Target 1,9%
EPS Revisions
Managers
NameTitle
Kian Seng Tan CEO, Chief of Staff & President-Asia
Leng Beng Kwek Non-Executive Chairman
Bhupesh Yadav Group Chief Operating Officer
Kok-Kee Chong Chief Financial Officer
Howard Wu Chief Technology Officer
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