Singapore’s Richest Clan Fails in Bid to Buy Out Hotel Unit
The Copthorne Hotel Wellington Oriental Bay in New Zealand.
Photographer: Mark Tantrum/Getty Images
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City Developments Ltd. failed in a bid to buy out its listed New Zealand hotel unit, in another setback for the embattled Singapore developer.
The company controlled by Singapore’s richest family has sought to take Millennium & Copthorne Hotels New Zealand Ltd. private. A revised final offer didn’t attract sufficient interest from minority investors to meet a 90% threshold by a May 8 deadline, the hotel operator said in a New Zealand stock exchange filing on Friday.