Millennium & Copthorne Hotels said Friday it will apply to cancel the listing of its shares on the London Stock Exchange after City Developments’ takeover bid resulted in it holding or agreeing to acquire 75 percent of the hotel operator.
The 20-business-day cancellation notice period began Friday and is expected to become effective on 11 October, M&C said in a filing to the London Stock Exchange.
City Developments, or CDL, has said its 685 pence a share offer for M&C will remain open for acceptances until 27 September, the filing said.
“M&C shareholders who do not accept the final offer may become a minority shareholder in an unlisted private subsidiary of CDL with no certainty of any future opportunity to sell their shares,” M&C said. “There can be no certainty that M&C would pay any further dividends or other distributions or that such minority M&C shareholders would again be offered an opportunity to sell their M&C shares on terms which are equivalent to those under the final offer.”
The independent committee of M&C recommended shareholders accept the final offer immediately, the filing said.
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