Minority shareholders of Millennium & Copthorne Hotels (M&C) have rejected a bid from the majority stakeholder to acquire the reminder of shares in the global business.
The M&C independent committee allowed the bid from Singapore-based City Developments Limited (CDL), which owns 65.2% of the company, to lapse on Friday, despite recommending minority shareholders accept the offer.
Under the terms of the final offer, CDL, headed by chairman Kwek Leng Beng, made a cash offer for the business valuing each share at 620p each.
The independent committee, which was approached by CDL in August 2017 and initially rejected two proposed offers. However, it later accepted the final offer of 620p per share and recommended that it be accepted by minority shareholders, which was then rejected.
M&C will now remain as a listed company with CDL continuing as the controlling shareholder.
M&C comprises 130 hotels in 17 countries. Its 21-strong UK portfolio includes Bailey’s and Chelsea Harbour hotels in London and Hard Day’s Night hotel in Liverpool (pictured), as well as properties operating under the two separate brands: Millennium and Copthorne.