CityDev chairman issues letter urging M&C shareholders to accept final offer

SINGAPORE (Dec 19): City Developments (CityDev) has issued a letter from its chairman, Kwek Leng Beng, urging Millennium & Copthorne (M&C) shareholders to consider “the very material premium and value” that is available to them under CityDev's latest and final offer of 620 pence per share for the privatisation of M&C hotels.

See: M&C Hotels agrees to sweetened 620 pence per share offer from CityDev

The letter, which was published last evening and can be found on the group’s website, said CityDev’s board was concerned about the outlook for trading in the hotel industry; the disruptive impact this investment programme will have on the short term operating performance of the hotels; and the impact on all shareholders – as there will be a need for CityDev to balance the impact of increased leverage with the ability to distribute returns to shareholders.

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