Millennium & Copthorne Hotels New Zealand (NZE:MCK) said it received a takeover offer from its majority owner, according to a Monday filing with the New Zealand bourse.
CDL Hotels Holdings wants to acquire shares it does not already own in the company for NZ$2.25 in cash each and is willing to buy the preference shares for NZ$1.70 each via broker Craigs Investment.
The Singapore-listed City Developments (SGX:C09) subsidiary currently owns 75.86% of Millennium & Copthorne. Its bid represents a 25% premium to the last closing price of NZ$1.80.
The offer is open until May 2. It is subject to several conditions including meeting the minimum acceptance threshold.
Millennium & Copthorne's shares climbed nearly 18% around noon and earlier hit a new 52-week high.
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