An attempt by Singaporean billionaire Kwek Leng Beng to take full control of Millennium & Copthorne Hotels (M&C) in a deal valuing the business at 2 billion pounds (S$3.7 billion) collapsed after minority shareholders blocked the acquisition.
Kwek's firm City Developments Limited (CDL), already M&C's majority investor, secured acceptances from only 47.14 percent of the London-listed hotelier's minority shareholders for its 620-pence-a-share offer, CDL said in a statement on Friday.
That fell short of the 50 percent threshold needed for the bid to become unconditional and meant the offer lapsed, sending M&C shares down 4.7 per cent to close at 546 pence.
Dozens of people have accused Las Vegas casino billionaire Steve Wynn of decades of sexual misconduct in which he allegedly pressured staff to perform sex acts, The Wall Street Journal reported Friday (Jan 26).
The bombshell report, for which the Journal contacted more than 150 people who work or had worked for Wynn, is the first time that the US sexual harassment watershed has centered on the CEO and founder of a major publicly held company - whose shares tumbled 7.8 per cent following the report's publication.
Wynn, who is a former business rival turned political ally of President Donald Trump, denied the allegations and accused his ex-wife Elaine of instigating the accusations as part of a "terrible and nasty lawsuit" seeking a revised divorce settlement.
Moscow cinema stops showing Death of Stalin after police raid
A Moscow cinema which screened British comedy The Death of Stalin in defiance of an official ban has announced that it will stop showing the film after a raid by Russian police on Friday (Jan 26).
The culture ministry on Tuesday (Jan 23) withdrew permission to screen British director Armando Iannucci’s film, which satirises the death of the dictator, after Russian officials labelled it offensive and “extremist”.
But Moscow cinema Pioneer, named after the Soviet youth organisation, had decided to go ahead with its screenings of the film. Reports of the cinema’s planned defiance led the culture ministry on Thursday (Jan 25) to warn movie houses they would bear “legal responsibility” for showing the film.
USA Gymnastics board to resign amid sex abuse scandal: Spokeswoman
The remaining directors of USA Gymnastics will resign following revelations that the former national team doctor sexually abused female athletes, complying with a demand from the US Olympic Committee, a spokeswoman for gymnastics group said on Friday (Jan 26).
The doctor, Larry Nassar, was handed an effective life prison sentence this week, following days of emotional statements by gymnasts, including Olympic medalists Aly Raisman and Simone Biles.
The USOC had threatened to strip the group of its power to run its sport if the remaining 16 directors did not resign by Wednesday. Five have already resigned as a result of the scandal.