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Singapore's CDL will not extend M&C offer beyond Jan. 26

Reuters - UK Focus

By Ben Martin

LONDON, Jan 16 (Reuters) - City Developments Limited (SES: C09.SI - news) (CDL) said on Tuesday that it would not extend the offer period for its bid for Millennium & Copthorne Hotels (LSE: MLC.L - news) (M&C) beyond 1300 GMT on Jan. 26.

The Singaporean company is M&C's majority shareholder and has offered to buy out minority investors for 620 pence a share.

CDL said in a statement that it was not extending its offer because it was conscious it created uncertainty which was not in the best interests of either party.

The first closing date for acceptances for the bid remains Jan. 23, it said. (Reporting by Ben Martin; editing by Alexander Smith)