M&C bid rejected by shareholders

M&C bid rejected by shareholders

Millennium & Copthorne Hotels’ (MLC) shareholders have rejected the 620p-a-share cash offer made for it by City Developments Limited. The news sent the hotel group’s share price plummeting. Analysts at Stifel think the offer was rejected because it fell short of the asset value of the business. City Developments will have to wait another 12 months before making another offer. 

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