City Developments Limited (CDL) on Dec 8 announced that it has reached an agreement with the independent non-executive directors of Millennium & Copthorne Hotels (M&C) on an increased cash offer for taking M&C private. CDL has made a final offer of 620 pence per share for the 34.8% interest in M&C that it does not own. This values M&C at about £2.014 billion ($3.63 billion).

The successful privatization of M&C now rests on the minority shareholders of M&C. CDL says the offer “will not be increased”.

“CDL’s final offer provides M&C minority shareholders with the ability to realise their investments in cash at a valuation not seen pre-bid since 2007,” says the independent committee, further noting that the offer marks a “36.3% premium to the closing share price prior to the initial announcement of the possible offer in October”.

A public listed hotel company registered in England and Wales, M&C owns, manages, invests and operates 137 hotels in 27 countries worldwide, including Millennium Broadway New York, which is located in the heart of Times Square.