Latest news with #MillenniumCopthorne
Forbes
09-05-2025
- Business
- Forbes
Singapore Billionaire Kwek Family's City Developments Fails To Buy Out M&C New Zealand
Millennium & Copthorne New Zealand bought the Mayfair Hotel Christchurch in January. The property ... More will be rebranded. City Developments—controlled by billionaire Kwek Leng Beng and his family—failed in its NZ$71 million ($42 million) bid to buy out Millennium & Copthorne Hotels New Zealand's minority shareholders. The Singapore-listed property developer held almost 84% of M&C New Zealand at the close of the offer on Thursday, missing the 90% threshold it needed to delist the hotel company, M&C New Zealand said in a regulatory filing. City Developments had originally offered in January to buy the remaining 24% of the hotel operator for NZ$2.25 a piece but the offer was raised to NZ$2.80 last month as independent directors deemed the first offer as too low. Despite the improved offer, the independent directors urged minority shareholders to reject the offer, which is still below the fair value of at least NZ$4.40 apiece that was assessed by an independent adviser. 'The offer undervalues the benefits which can be expected as the tourism and property markets recover,' Leslie Preston, chair of the independent directors committee, has said in a letter to shareholders. The failure to delist M&C New Zealand is another setback for City Developments, which is still reeling from a family feud that has dragged the company's shares to near historic lows and raised doubts whether the company can revive profits the were hurt by rising borrowing costs and slowing residential sales. A dispute between City Developments CEO Sherman Kwek and his father, Kwek Leng Beng (who is City Developments' executive chairman) became public in late February after Leng Beng sued Sherman for control of the Singapore-listed property developer. While the case has been withdrawn and both parties agreed to set aside their differences, the feud had cast the limelight on one of Singapore's wealthiest families with an estimated net worth of $11.5 billion. The rift had also cast a shadow at the company's shareholders' meeting last month.
Bloomberg
09-05-2025
- Business
- Bloomberg
Singapore's Richest Clan Fails in Bid to Buy Out NZ Hotel Unit
Takeaways NEW City Developments Ltd. failed in a bid to buy out its listed New Zealand hotel unit, in another setback for the embattled Singapore developer. The company controlled by Singapore's richest family has sought to take Millennium & Copthorne Hotels New Zealand Ltd. private. A revised final offer didn't attract sufficient interest from minority investors to meet a 90% threshold by a May 8 deadline, the hotel operator said in a New Zealand stock exchange filing on Friday.
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.
