Dow Jones - City Developments has said that it and Millennium & Copthorne Hotels have agreed an increased offer for M&C that values it at £2.01bn ($2.69bn), a 12% increase over the previous offer.
The Singapore-listed company, which currently owns 65.2% of M&C, is now offering 600 pence in cash for each share held, plus a special dividend of 20 pence once the offer has been declared unconditional.
City Developments previously offered 545 pence per M&C share, plus a special dividend of 7.5 pence. It said the new offer is final.
M&C's independent directors said they consider the terms of the final offer to be fair and reasonable and recommend that shareholders accept it.
M&C to delist from FTSE 250
Upon the final offer becoming or being declared wholly unconditional, M&C will apply for de-listing from the London Stock Exchange.