Agapier Investments Limited made an offer to acquire 35.05% stake in Millennium & Copthorne Hotels plc (LSE:MLC) from International Value Advisers, LLC, MSD Partners, L.P., Classic Fund Management Aktiengesellschaft, Vaduz and others for approximately £620 million on October 9, 2017. Agapier Investments will acquire all of the outstanding ordinary shares in Millennium & Copthorne Hotels plc other than 211.75 million shares directly or indirectly held by City Developments Limited at an offer per share of £5.45. As of December 8, 2017, Agapier Investments reached an agreement to acquire 34.8% stake in Millennium & Copthorne Hotels plc for approximately £680 million. Under the agreement, Agapier Investments will make a revised offer of £6 in cash for each share of Millennium & Copthorne Hotels. In addition, shareholders of Millennium & Copthorne Hotels would be entitled to receive a special dividend of £0.2 per share as against £0.075 previously, payable upon the offer becoming or being declared wholly unconditional. City Developments Limited will provide Agapier Investments with the cash consideration from its existing cash resources as well as funds made available to City Developments under SGD 800 million (£447 million) dual currency credit facility that has been arranged between City Developments and Oversea-Chinese Banking Corporation Limited. Millennium & Copthorne Independent Directors have confirmed that they intend to resign as Millennium & Copthorne Directors following the final offer becoming or being declared wholly unconditional. The final offer is conditional on Agapier Investments securing valid acceptances in respect of more than 50% in nominal value of Millennium & Copthorne Hotels’ shares not already owned by the CDL parties, the granting of consent under the New Zealand Overseas Investment Act 2005 and/or receipt of applicable exemptions in accordance with the New Zealand Overseas Investment Regulations 2005 by the New Zealand Overseas Investment Office for the indirect acquisition of interests in sensitive land and significant business assets in New Zealand that would occur as a result of the offer and the granting by the Takeovers Panel of New Zealand of an unconditional exemption from the requirements of rule 6(1) of the New Zealand Takeovers Code. Upon the offer becoming or being declared wholly unconditional, Millennium & Copthorne Hotels will apply for de-listing from the official List of the UK Listing Authority. In case valid acceptances are received in respect of 90% or more of Millennium & Copthorne Hotels’ shares, Agapier Investments intends to exercise its right to compulsorily acquire the remaining shares. The independent Directors of Millennium & Copthorne Hotels intend unanimously to recommend shareholders to accept the final offer. As of December 21, 2017, Agapier Investments announced that the first closing date of final offer is January 23, 2018. Final offer, which remains subject to the terms and conditions is being extended and will remain open for acceptance until January 26, 2018. Philip Lee, Rohit Satsangi and Chris Raff of Deutsche Bank AG, Singapore Branch and Oliver Smith and Barry Rose of HSBC Bank Plc acted as financial advisors to City Developments Limited, parent of Agapier Investments Limited. John Hannaford and Stuart Upcraft of Credit Suisse International acted as financial advisors for Millennium & Copthorne Hotels. Linklaters LLP acted as legal advisor to City Developments, while Stephen Wilkinson, Tomasz Wozniak, Mike Flokchart, Sarah Ries-Coward and Paul Hartley of Herbert Smith Freehills LLP acted as legal advisors to Millennium & Copthorne Hotels. Edward Barnett of Latham & Watkins (London) LLP acted as legal advisor to International Value Advisers, LLC, MSD Partners, L.P. and Classic Fund Management Aktiengesellschaft, Vaduz. Equiniti Limited acted as escrow and receiving agent for Millennium & Copthorne. Agapier Investments Limited cancelled the acquisition of 34.8% stake in Millennium & Copthorne Hotels plc (LSE:MLC) from International Value Advisers, LLC, MSD Partners, L.P., Classic Fund Management Aktiengesellschaft, Vaduz and others on January 26, 2018. At the final closing date of the final offer, Agapier received valid acceptances in respect of a total of 53.3 million shares, representing approximately 47.14% of Millennium & Copthorne's issued share capital. In light of the acceptances, the acceptance condition has not been satisfied. Accordingly, the final offer was not capable of being declared unconditional as to acceptances on January 26, 2018 and therefore the offer has lapsed with immediate effect. Jones, Seth, Shah and Bhishaan of Allen & Overy LLP acted as legal advisors to City Development Limited.