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BUZZ-Millennium & Copthorne Hotels NZ eyes best day in 10-1/2 yrs on takeover bid

Reuters
Jan 20, 2025
BUZZ-Millennium & Copthorne Hotels NZ eyes best day in 10-1/2 yrs on takeover bid

** Shares of Millennium & Copthorne Hotels New Zealand MCK.NZ rise 17.8% to NZ$2.12, their highest since May 15, 2023 after receiving takeover offer

** Stock set for best trading session since July 18, 2014, if current gains hold

** Hotel operator receives takeover notice from CDL Hotels Holdings NZ, unit of Singapore-listed City Developments CTDM.SI

** CDL Hotels NZ to acquire all MCK shares it already does not own for NZ$2.25 per share

** Offer price represents a 25% premium on stock's last close of NZ$1.8

** More than 23,000 shares change hands, 6.8 times the 30-day avg

** MCK up 16.5% YTD, including current session's moves

(Reporting by Nikita Maria Jino in Bengaluru; Editing by Sonali Paul)

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

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