Millennium Copthorne independent directors reject new offer but there is a caveat

(Image: NZME)

Mon, 28 Apr 2025

Millennium & Copthorne Hotels New Zealand (MCK) independent directors recommended that minority shareholders steer clear of an increased offer from CDL Hotel Holdings NZ (CDLHH), but there was a caveat. In January, the subsidiary of the Singapore Stock Exchange-listed City Developments (CDL) launched a takeover bid for the 24.1% of the hotel owner and operator it doesn’t already own, valuing the firm at about $237 million. Millennium & Copthorne NZ’s independent directors had rejected the initial offer as being too...

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