Singapore's second-largest realtor makes offer for Millenium Hotels

City Developments said that it has made a final offer for the London-traded hotel chain at 685 pence per share

Singapore’s second-largest property developer is offering to buy out shareholders of Millenium & Copthorne Hotels in a deal that would value the company at $2.84 billion. City Developments said in a statement on Friday that it has made a final offer for the London-traded hotel chain at 685 pence per share, representing a 37 per cent premium to the June 6 closing price of 500 pence. 

City already owns 65.2 per cent of the shares in the company, and the final offer is conditional on more than half of the remaining shareholders accepting, according to the statement. The Millenium & Copthorne chain comprises 135 hotels in the UK, Middle East, New Zealand and other countries, according to its website.