(Reuters) – Singapore-listed real estate firm City Developments (CDL) said on Friday it will buy Britain’s Millennium & Copthorne Hotels (LON:) Plc for 2.23 billion pounds.
The offer represents a premium of about 37% to Millennium & Copthorne’s closing price of 500 pence on Thursday.
Shares of Millennium & Copthorne surged 35% to 680 pence after the announcement, topping gainers on the midcap index.
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