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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.