Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Millennium & Copthorne Hotels / Event-Driven

On the 21 August 2017, <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a> approached 65.2%-held hotel operator <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels" target="_blank" data-smartkarma-citation="entities:22047:1" rel="noopener">Millennium &amp; Copthorne Hotels (MLC LN)</a> ("M&amp;C") with an offer to take the company private for 510 pence/share. This initial offer was rejected.
CDL returned with a revised proposal on 14 September 2017, which was also rejected. CDL <a href="https://otp.tools.investis.com/clients/uk/millennium_copthorne_hotels_plc/rns/regulatory-story.aspx?cid=1515&amp;newsid=937737" target="_blank" rel="noopener">made a third proposal</a> of 545 pence/share  - a 23.7% premium to last close - in cash, together with a special dividend of 7.5 pence/share, conditional on the recommendation of the Offeree Independent Directors.
On 19 October 2017, M&amp;C's Independent Committee <a href="https://otp.tools.investis.com/clients/uk/millennium_copthorne_hotels_plc/rns/regulatory-story.aspx?cid=1515&amp;newsid=941436" target="_blank" rel="noopener">concluded</a> the Offer was fair and they intended to unanimously recommend the proposed.
On 8 December 2017, CDL made a further proposal, and <a href="https://otp.tools.investis.com/clients/uk/millennium_copthorne_hotels_plc/rns/regulatory-story.aspx?cid=1515&amp;newsid=956787" target="_blank" rel="noopener">Final Offer</a>, to the Independent Directors of 600 pence/share - a 38.8% premium to last close - together with an increased special dividend of 20 pence/share. M&amp;C's Independent Directors concluded that they should support the Final Offer being made to the Independent Offeree Shareholders.
The Offer was subject to certain conditions, which included CDL securing valid acceptances of more than 50% M&amp;C Shares not already owned by CDL. 47.14% was received and the Offer <a href="https://otp.tools.investis.com/clients/uk/millennium_copthorne_hotels_plc/rns/regulatory-story.aspx?cid=1515&amp;newsid=971235" target="_blank" rel="noopener">lapsed</a> on the 26 January. The New Offer
On the 7 June, CDL and M&amp;C <a href="https://links.sgx.com/FileOpen/0706_CDL.ashx?App=Announcement&amp;FileID=562911" target="_blank" rel="noopener">announced</a> a pre-conditional Final Offer of £6.85/share, a 37% premium to last close for shares it does not own.
The pre-condition refers to the granting of consent from New Zealand's Overseas Investment Office. That condition was satisfied on the <a href="https://links.sgx.com/FileOpen/20190809-CDL.ashx?App=Announcement&amp;FileID=574018" target="_blank" rel="noopener">9 August</a>. 
The Offer Document will be issued within 28 days, or on or before the 6 September. The Offer is subject to CDL receiving valid acceptances of more than 50% of the shares in M&amp;C it does not own. CDL has received irrevocables totaling 43.58%. 
This is a done deal and is duly trading tight to terms - ~1% gross spread - with an expected payment of mid-October.

On the 21 August 2017, City Developments (CIT SP) approached 65.2%-held hotel operator Millennium &amp; Copthorne Hotels (MLC LN) ("M&amp;C") with an offer to take the company private for 510 pence/share. This initial offer was rejected.
CDL returned with a revised proposal on 14 September 2017, which was also rejected. CDL made a third proposal of 545 pence/share  - a 23.7% premium to last close - in cash, together with a special dividend of 7.5 pence/share, conditional on the recommendation of the Offeree Independent Directors.
On 19 October 2017, M&amp;C's Independent Committee concluded the Offer was fair and they intended to unanimously recommend the proposed.
On 8 December 2017, CDL made a further proposal, and Final Offer, to the Independent Directors of 600 pence/share - a 38.8% premium to last close - together with an increased special dividend of 20 pence/share. M&amp;C's Independent Directors concluded that they should support the Final Offer being made to the Independent Offeree Shareholders.
The Offer was subject to certain conditions, which included CDL securing valid acceptances of more than 50% M&amp;C Shares not already owned by CDL. 47.14% was received and the Offer lapsed on the 26 January.  The New Offer
On the 7 June, CDL and M&amp;C announced a pre-conditional Final Offer of £6.85/share, a 37% premium to last close for shares it does not own.
The pre-condition refers to the granting of consent from New Zealand's Overseas Investment Office. That condition was satisfied on the 9 August. 
The Offer Document will be issued within 28 days, or on or before the 6 September. The Offer is subject to CDL receiving valid acceptances of more than 50% of the shares in M&amp;C it does not own. CDL has received irrevocables totaling 43.58%. 
This is a done deal and is duly trading tight to terms - ~1% gross spread - with an expected payment of mid-October.

City Developments' Latest Offer For M&C Is A Done Deal