(Corrects to remove offer figure from headline)
Oct 9 (Reuters) - Singapore’s City Developments has offered to buy the remaining shares of Millennium & Copthorne Hotels it did not own in a deal that values the UK-listed hotels group at about 1.8 billion pounds ($2.35 billion).
Under the offer, M&C shareholders would receive 552.5 pence in cash for each share, a premium of about 21.4 percent to M&C’s closing share price on Friday.
M&C said it considers the financial terms to be fair and reasonable in a statement on Monday.
City Developments is part of Singapore-headquarterd Hong Leong Group, headed by billionaire Kwek Leng Beng.
City Developments indirectly held shares representing a 65.2 percent stake in M&C as of Oct. 9.
$1 = 0.7630 pounds Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens