CDL's bid for Millennium & Copthorne fails

The offer by CDL Hotels Holdings to acquire all the ordinary shares in Millennium & Copthorne Hotels New Zealand for $2.80 per share has closed, with CDLHH NZ not reaching the 90% threshold required for a compulsory acquisition.

As a result, Millennium & Copthorne Hotels remains listed on the NZX, and its ordinary and preference shares will continue to be traded.

CDLHH NZ, which is now the holder of 83.915% of the ordinary shares in MCK, has stated that it will not make another takeover offer for at least nine months.