Millennium & Copthorne Hotels to be Acquired by Private Company
Millennium & Copthorne Hotels has agreed to be acquired by majority owner City Developments Ltd. (CDL) in a deal that values the British lodging company at $2.84 billion, the companies said on Friday. Singaporean entrepreneur Kwek Leng Beng is chairman of both entities. On Friday, the operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said its independent directors consider the terms of the final offer to be fair and reasonable. Sherman Kwek, CEO of CDL, said taking M&C private is in line with CDL’s strong focus on boosting recurring income and enhancing underperforming assets. CDL said it intended to work with M&C to improve the efficiency of its hotels by leveraging CDL’s infrastructure, network and financial resources. It said it would become increasingly involved in the operational and financial management of M&C.