Millennium & Copthorne Hotels New Zealand has received a takeover notice from its major shareholder, CDL Hotels Holdings New Zealand.
The notice is for a full takeover of the company, with CDL Hotels Holdings proposing to acquire all the ordinary shares it does not already own at a price of $2.25 per share, payable in cash.
However, the notice is not a formal takeover offer.
If CDL Hotels Holdings decides to proceed, it must make a takeover offer within 10 to 20 working days.
Shareholders have been advised to refrain from taking any action until they receive a target company statement and an independent adviser report.
The offer does not apply to the listed redeemable preference shares.
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