Millennium & Copthorne Hotels New Zealand's independent directors have rejected a takeover offer from CDL Hotels Holdings, saying it is "too low and inadequate." The offer, which was sent to MCK's ordinary shareholders, is priced at $2.25 per share for all shares not already held by CDLHH NZ.
CDLHH NZ currently owns 75.8% of MCK's shares.
The independent directors believe the offer does not adequately reflect the value of MCK's hotel and property net assets, as well as the potential benefits in the recovering hotel and property markets.
They have advised shareholders to take no action and wait for the target company statement, which will be provided within the next two weeks.
Northington Partners has been appointed as the independent adviser to assess the merits of the offer.
The offer is conditional on several matters and must remain open until at least May 8, 2025.
See more
