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This comes after it received valid acceptances in respect of 112,156,174 M&C shares, or 99.21 percent of M&C shares not already owned by CDL on 7 June.
City Developments Limited (CDL) is set to compulsorily acquire the remaining shares of its London-listed subsidiary Millennium & Copthorne (M&C) that are held by shareholders who have not yet accepted the final offer.
This comes after it received valid acceptances in respect of 112,156,174 M&C shares, or 99.21 percent of M&C shares not already owned by CDL on 7 June.
CDL revealed that these acceptances include “those received in respect of 49,151,167 offeree shares (representing, in aggregate, approximately 15.13 percent of the existing issued ordinary share capital of the offeree and approximately 43.48 percent of offeree shares not already owned by the CDL Parties, in each case, as at 7 June 2019) which were subject to irrevocable undertakings given by certain offeree shareholders”.
M&C has made applications to cancel the listing of its shares on the official list of the Financial Conduct Authority (FCA) as well as the cancellation of the trading M&C’s shares on the London Stock Exchange, said CDL.
“Such cancellations are expected to take effect at 8.00am on 11 October 2019.”
CDL noted that the cancellation and delisting “will significantly reduce the liquidity and marketability of any offeree shares in respect of which the final offer has not been accepted at that time and their value may be affected as a consequence”.
Following the de-listing, CDL intends to re-register M&C as a private limited company from a public limited company.
On 7 June, CDL offered to buy the 34.8 percent shares that it does not already own at M&C for a maximum cash consideration of £776.29 million (S$1.34 billion).
The offer, which is final and will not be increased, sees M&C shareholders receive 685 pence for each share.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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