Latest news with #CDLHotels
RNZ News
08-05-2025
- Business
- RNZ News
Millennium & Copthorne Hotels remains publicly-listed company after failed takeover
CDL Hotels owns 75 percent of Millennium & Copthorne Hotels. Photo: RNZ / Dan Cook Hotel operator Millennium & Copthorne Hotels (MCK) will remain a publicly-listed company for now, after its majority owner CDL's full takeover offer closed without reaching the threshold for compulsory acquisition. Singapore-based CDL and the independent directors of MCK have been at loggerheads over the takeover proposal, with the independent directors saying the offers proposed to date were too low. The latest offer of $2.80 a share to acquire all ordinary shares in MCK closed at 5pm Thursday. MCK said CDL did not reach the 90 percent threshold, which under the Takeovers Code would have allowed it to compulsorily acquire all remaining ordinary shares. CDL said it had increased its shareholding to just under 84 percent of MCK, after receiving acceptances for just over 8 percent of the shares issued. CDL previously said it would not make another takeover offer for at least another nine months.
RNZ News
22-04-2025
- Business
- RNZ News
Takeover bid for major hotel company raises offer
CDL Hotels owns 75 percent of Millennium & Millennium Copthorne Hotels and is making a full takeover bid. Photo: RNZ / Dan Cook A Singapore-owned investment company trying to take over a major hotel company has increased its offer price - but it's likely to still be well short of what independent directors are seeking. CDL Hotels owns 75 percent of Millennium & Millennium Copthorne Hotels (MCK) and has raised its takeover offer to $2.80 a share from the $2.25 offered in February . MCK recently traded at $2.16 a share, although its share price on the NZX today has risen by 27 percent to $2.75 a short time ago. It is the only hotel owner-operator listed on the NZX Main Board. CDL has continued to press the benefits of its offer, which was previously rejected by MCK's independent directors as inadequate. "A key motivation for the offer is to provide shareholders with liquidity that may not otherwise be available, offering an opportunity to sell shares (without brokerage costs) at a premium over the trading price prevailing at the time," it said in a letter to shareholders. In February, MCK's independent directors said the offer was well short of an independent valuation with a mid-point of $4.70, and they advised shareholders to ignore the offer. But CDL disputed the valuation, stating it was theoretical and not reflective of a practical outcome for MCK's minority shareholders. It also stated that it had sufficient control of MCK to do what it wanted with the company. "Among other things, the ability to change MCK's constitution, appoint new board members, and influence or change MCK's strategy including decisions on operating expenditure, capital expenditure, capital structure and dividend policy, recognising the rights of minority shareholders. "Accordingly, $2.80 is the final and best price that CDL is willing to pay." The offer is set to close on 8 May. There was no immediate response from MCK's independent directors. MCK currently has 18 owned, leased and franchised hotels across New Zealand under the Millennium, Grand Millennium, M Social, Copthorne and Kingsgate brands, and employs more than 500 people across its network. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
National Business Review
22-04-2025
- Business
- National Business Review
CDL sweetens Millennium & Copthorne offer to $2.80
NZX-listed Millennium & Copthorne shares jumped 20% in early afternoon trade on Tuesday to $2.60 after CDL Hotels announced it would increase its offer to mop up minorities in the hotel company by 55 cents to $2.80 a share. The original offer at $2.25 a share – made on January 20, for the 24.14%
