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CityDev

Is this the worst blue chip that is heavy like an elephant 🤭

 

6 months down the road may be good price.

minion      ( Date: 18-Oct-2019 11:01) Posted: Is it a good time to buy and keep for retirement? Thanks

 

plunged alot, maybe can enter soon
 

 

steady accumulation days 

 

Short Vicom, Long CDL....best play on SGX

 

best performing blue chip

 

Is it a good time to buy and keep for retirement? Thanks

 

think more due to revaluation on the successful feast on m& c.
ireit also raising. let see if there is any financial engineering to realise the value of m& c into real $

 

Due to possible us rate cut in October? Property counters all doing well.

 

dam solid run.

 

Oic, so all got hk property expsoure similarly shd go up lol.

 

ahhuat08      ( Date: 17-Oct-2019 12:50) Posted: most likely the result of hk property' s relaxation rules, that will benefit hk developers citydev have significant exposure in hk?

 

most likely the result of hk property' s relaxation rules, that will benefit hk developers

citydev have significant exposure in hk?

 

whats cooking at citydev?

 

wave pls

 

from 31/5/19 $ 8.22 all the way up to $9.42
better don' t chase.

 

reversing...

 

any reason why so strong

 

today closed nicely at 8.97. up 50 cents.

 

City Developments to buy out Millennium & Copthorne Hotels for $3.86b
PUBLISHED:  5 HOURS  AGO
M& C shareholders will be entitled to receive $11.88 for each M& C share.

City Developments (CDL), along with its indirect wholly owned subsidiary Agapier Investments Limited (Bidco), has offered to buy out shareholders of London-traded hotel chain Millennium & Copthorne Hotels (M& C) in a deal that would value M& C at $3.86b (GBP2.23b), an announcement revealed.

Currently, CDL owns approximately 65.2% of M& C, and M& C shareholders will be entitled to receive a cash amount of $11.88 (GBP6.85) for each M& C share, which represents a premium of approximately 37% to M& C&rsquo s closing price.

&ldquo It is also an increase of $1.13 (GBP0.65) from the previously recommended final cash offer of $10.76 (GBP6.20) per M& C share, which included a special dividend of $0.35 (GBP0.20) per share) made to M& C shareholders on 21 December 2017,&rdquo CDL said. The  previous offer  lapsed on 26 January 2018 because CDL did not satisfy the minimum acceptance condition of more than 50% of M& C&rsquo s shares that it did not already own.

CDL noted that it has also received irrevocable undertakings to accept the final offer from JNE Partners, MSD Capital, International Value Advisers, Classic Fund Management AG and BWM AG. These key minority shareholders hold a total of 49,268,604 M& C shares representing approximately 43.6% of the M& C shares not already owned by CDL.

The maximum cash consideration payable by CDL amounts to $1.34b (GBP776.29m), which will be funded through a combination of internal cash resources as well as funds made available to CDL under a credit facility.

That said, as M& C owns land in New Zealand, the final offer is still subject to a New Zealand Overseas Investment Office (OIO) pre-condition for the indirect acquisition of interests in sensitive land, and significant business assets in New Zealand that would occur if the final offer takes place and is successful.

Barclays Bank PLC and Merrill Lynch (Singapore) are acting as the joint financial advisers, and Linklaters is acting as legal adviser to CDL.

According to Sherman Kwek, CDL&rsquo s Group CEO, taking M& C private is in line with CDL&rsquo s focus on boosting recurring income and enhancing underperforming assets amidst a highly competitive landscape.

&ldquo The offer enables shareholders to exit an illiquid stock at a significant premium. We believe that a privatised M& C will be in the best position to navigate the increasingly challenging and competitive global hospitality landscape with agility and nimbleness,&rdquo he explained.

Upon completion of the final offer, CDL said it intends to work with M& C&rsquo s management team and employees to meet the operational challenges faced by M& C and to identify opportunities to improve the operating and financing efficiency of its hotels.

CDL underlined that it intends that M& C will continue to own, lease, manage, franchise, invest in and/or operate hotel assets across a wide geographical landscape. &ldquo CDL will continue to evaluate opportunities and may make changes to individual hotels within M& C&rsquo s portfolio to meet the challenges facing its business,&rdquo the firm said. 

https://sbr.com.sg/hotels-tourism/news/city-developments-buy-out-millennium-copthorne-hotels-386b

 

gap up 50  cents. why so strong.