CDL urges M&C investors to consider 'material premium' of takeover bid
By Ben Martin
LONDON (Reuters) - City Developments Limited, which wants to buy-out minority shareholders in Britain's Millennium & Copthorne Hotels (MLC.L), urged investors to consider the "very material premium" of its bid after a trio of investment firms rejected its offer.
CDL, which already owns 65.2 percent of M&C, said on Monday the three M&C investors that spurned its 620 pence-per-share offer in a public letter on Dec. 14 were using a "somewhat disingenuous" argument.
The trio said last week that they wanted other shareholders to help them block CDL's bid, which values the FTSE 250 hotelier at about 2 billion pounds.
(Reporting by Ben Martin; Editing by Edmund Blair)
