Jan 20 (Reuters) - Shares of Millennium & Copthorne Hotels New Zealand MCK.NZ surged to a 1-1/2-year peak on Monday, after the majority owner proposed a full takeover, valuing the hotel operator at NZ$237.3 million ($132.67 million).

The company's shares jumped 17.8% to NZ$2.12, their highest levels since May 15, 2023. The stock was the top performer in the benchmark S&P/NZX 50 index .NZ50, posting its largest intraday percentage gain since July 18, 2014.

Millennium & Copthorne NZ received a takeover offer from its major shareholder, CDL Hotels Holdings New Zealand, a subsidiary of the Singapore-listed real estate firm City Developments CTDM.SI, to acquire the remaining 24.14% stake for NZ$2.25 per share.

The offer price represents a 25% premium on the stock's last close of NZ$1.8 on Friday.

"We have been a supportive shareholder of MCK for the duration of its period as a listed entity, maintaining our majority shareholding since listing in 1999. We continue to be supportive of MCK's strategy and acknowledge that there is a hotel refurbishment programme ongoing, requiring a greater level of investment in MCK's assets which have aged," CDL Hotels NZ said in a statement on Monday.

Millennium & Copthorne NZ was formerly a subsidiary of Britain's Millennium & Copthorne Hotels, which was acquired by City Developments in 2019 in a deal that valued the previously London-listed hotel operator at about 2.23 billion pounds.

($1 = 1.7886 New Zealand dollars)

(Reporting by Nikita Maria Jino in Bengaluru; Editing by Sherry Jacob-Phillips)

((Nikita.Jino@thomsonreuters.com;))