Millennium & Copthorne Hotels Receives Takeover Bid From CDL Hotels; Shares Hit New 52-Week High

MT Newswires Live

Jan 20, 2025

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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Its bid represents a 25% premium to the last closing price of NZ$1.80.</p><p>The offer is open until May 2. It is subject to several conditions including meeting the minimum acceptance threshold.</p><p>Millennium &amp; Copthorne's shares climbed nearly 18% around noon and earlier hit a new 52-week high.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CDL","symbol_name":"VictoryShares US Large Cap High Div Volatility Wtd ETF","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2504414353","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2504414353","pubTimestamp":1737334545,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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