Millennium & Copthorne Hotels New Zealand has advised its shareholders to take no action and ignore the takeover offer from CDL Hotels Holdings New Zealand, the company's majority shareholder.
The independent directors of Millennium & Copthorne Hotels said the offer was too low and inadequate, and did not adequately reflect the value of the company's hotel and property net assets, as well as the potential benefits in the recovering hotel and property markets.
Shareholders were informed to await the target company statement, which will be sent on February 24, 2025, and will include the independent directors' recommendation and the independent adviser's report.
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