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

MILLENNIUM & COPTHORNE HOTELS PLC (MLC)
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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 CEST
A City Developments Limited (CDL) logo is ssen on a building in Singapore

LONDON (Reuters) - 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.

LONDON (Reuters) - 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

Stocks mentioned in the article
ChangeLast1st jan.
CITY DEVELOPMENTS LIMITED -1.48% 12.66 End-of-day quote.1.44%
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News from SeekingAlpha
2017An M&A Deal That Will Break Soon 
2016Millennium & Copthorne Hotels Trades At A Discount To NAV 
Financials ( GBP)
Sales 2018 995 M
EBIT 2018 179 M
Net income 2018 114 M
Debt 2018 675 M
Yield 2018 1,21%
P/E ratio 2018 16,93
P/E ratio 2019 15,72
EV / Sales 2018 2,52x
EV / Sales 2019 2,45x
Capitalization 1 835 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
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 4
Average target price 5,32  GBP
Spread / Average Target -5,9%
EPS Revisions
Managers
NameTitle
Kian Seng Tan Group Chief Executive Officer
Leng Beng Kwek Non-Executive Chairman
Bhupesh Yadav Group Chief Operating Officer
Kok-Kee Chong Chief Financial Officer
Howard Wu Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
MILLENNIUM & COPTHORNE HOTELS PLC-3.42%2 568
MARRIOTT INTERNATIONAL1.39%49 270
HILTON WORLDWIDE HOLDINGS INC3.09%26 091
ACCOR5.84%16 148
INTERCONTINENTAL HOTELS GROUP PLC-7.40%11 668
WYNDHAM WORLDWIDE0.00%11 442