CDL Kiwi unit’s NZ$2.25-per-share offer ‘too low and inadequate’: M&C New Zealand

businesstimes

02-11

THE offer by City Development Limited’s (CDL) wholly owned subsidiary to take Millennium & Copthorne Hotels New Zealand (MCK) private at NZS$2.25 per share is “too low and inadequate”. In a bourse ...

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In a bourse ...</p>\n<a href=\"https://www.businesstimes.com.sg/companies-markets/cdl-kiwi-units-nz2-25-share-offer-too-low-and-inadequate-mc-new-zealand\">网页链接</a>\n</div>\n</body></html>","source":"bustime_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>CDL Kiwi unit’s NZ$2.25-per-share offer ‘too low and inadequate’: M&C New Zealand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCDL Kiwi unit’s NZ$2.25-per-share offer ‘too low and inadequate’: M&C New Zealand\n</h2>\n<h4 class=\"meta\">\n\n\n2025-02-11 03:38 GMT+8   <a href=\"https://www.businesstimes.com.sg/companies-markets/cdl-kiwi-units-nz2-25-share-offer-too-low-and-inadequate-mc-new-zealand\"><strong>businesstimes</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>THE offer by City Development Limited’s (CDL) wholly owned subsidiary to take Millennium & Copthorne Hotels New Zealand (MCK) private at NZS$2.25 per share is “too low and inadequate”. In a bourse ...</p>\n<a href=\"https://www.businesstimes.com.sg/companies-markets/cdl-kiwi-units-nz2-25-share-offer-too-low-and-inadequate-mc-new-zealand\">网页链接</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0122379950.USD","symbol_name":"贝莱德世界健康科学A2","start_time":0,"source_url":"https://www.businesstimes.com.sg/companies-markets/cdl-kiwi-units-nz2-25-share-offer-too-low-and-inadequate-mc-new-zealand","article_id":"2510828535","we_media_id":null,"thumbnails":[],"rights":{"source":"bustime_highlight","url":"https://www.businesstimes.com.sg/companies-markets/cdl-kiwi-units-nz2-25-share-offer-too-low-and-inadequate-mc-new-zealand","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2510828535","pubTimestamp":1739216288,"columns":[],"sourceInfo":{"source_id":"bustime_highlight","name":"The Business Times"},"weMediaInfo":null,"summary":"Shareholders are advised to take no action at this time","collect":0,"end_time":0,"defaultTopTitle":"businesstimes.com.sg","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0122379950.USD":"贝莱德世界健康科学A2","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU0861579265.USD":"联博低波幅策略股票基金A","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","BK6512":"房地产股","MCK":"麦克森药物批发","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU2468319806.SGD":"MANULIFE GF HEALTHCARE \"AA\" (SGDHDG) ACC","BK4588":"碎股","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","CDL":"VictoryShares US Large Cap High Div Volatility Wtd ETF","LU2089984988.USD":"MANULIFE GF HEALTHCARE \"AA\" (USD) ACC","LU2112291526.USD":"BGF WORLD HEALTHSCIENCE \"A4\" (USD) INC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","LU2324357040.USD":"HSBC GIF GLOBAL EQUITY SUSTAINABLE HEALTHCARE \"AC\" (USD) ACC","LU1023059063.AUD":"BGF WORLD HEALTHSCIENCE \"A2\" (AUDHDG) ACC","BK4175":"保健护理产品经销商","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU1057294990.SGD":"Blackrock World Healthscience A2 SGD-H","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","BK4585":"ETF&股票定投概念","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","C09.SI":"城市发展","LU1061106388.HKD":"BGF WORLD HEALTHSCIENCE \"A2\" (HKDHDG) ACC","LU0251142724.SGD":"Fidelity America A-SGD","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","BK6098":"多样化房地产活动","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC"},"translate_title":"CDL新西兰子公司每股2.25新西兰元的报价“太低且不充分”：M&C新西兰","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MCK":1,"C09.SI":1,"CDL":1},"content_text":"THE offer by City Development Limited’s (CDL) wholly owned subsidiary to take Millennium & Copthorne Hotels New Zealand (MCK) private at NZS$2.25 per share is “too low and inadequate”. In a bourse filing on Monday (Feb 10), MCK said: “The independent directors believe that the offer does not sufficiently reflect the value of MCK’s hotel and property net assets, and the benefits that MCK can expect as the hotel and property markets recover.” \rIn January, CDL’s Kiwi unit announced its intention to purchase all the fully paid ordinary shares in hotel company MCK that it does not already own. \rThe maximum aggregate cash consideration payable by CDL Hotel Holdings New Zealand (CDLHH NZ) is NZ$57.3 million (S$43.7 million). \rThe offer was made with a view to delist and privatise MCK, which CDL said will “simplify the ownership structure” of its investment entities in the country. \rCDL had also noted that if the deal is successful and MCK is delisted, the hotel company will be able to save on listing fees and other associated costs, which can be “reinvested into MCK’s portfolio of assets and operational needs”. \rStart and end each day with the latest news stories and analyses delivered straight to your inbox.CDLHH NZ currently holds 75.8 per cent of MCK shares. \rLeslie Preston, chair of the independent directors committee, said: “We will provide shareholders with a target company statement within the next two weeks that will include more detail, but we are advising shareholders to take no action at this time.” \rThe privatisation offer is conditional on several factors, including approval under the overseas investment act, and must be held open until at least 5 pm on May 8, said MCK. \rIt also noted that the offer cannot be closed early or withdrawn, except with the consent of the takeovers panel, and the offer price cannot be reduced. \r“There is no benefit or advantage to MCK shareholders in accepting CDLHH NZ’s offer early and once given, your acceptance cannot be withdrawn,” it added. “MCK shareholders who accept the offer will not be paid unless and until the offer becomes unconditional. This could be several months from now, if ever.” \rListed on the New Zealand Stock Exchange, MCK is a hotel group which owns, leases and/or has under franchise 18 hotels in New Zealand. It has a majority stake in land developer CDL Investments New Zealand.\rMCK’s parent company is Millennium & Copthorne Hotels, which was acquired by CDL in 2019 in a deal that valued the hotel operator, previously listed in London, at about £2.2 billion (S$3.7 billion).CDL noted previously that the transaction is not expected to materially affect the group’s net tangible assets or consolidated earnings per share for the fiscal year ending Dec 31, 2025. \rShares of CDL were trading 0.2 per cent or S$0.01 lower at S$5.03 as at 11.13 am on Tuesday.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}