Millennium & Copthorne Hotels New Zealand has announced that it will not be declaring a final dividend in respect of its 2024 financial year.
The decision comes after a takeover offer from CDL Hotels Holdings New Zealand, which included a condition restricting Millennium & Copthorne from declaring or paying a dividend during the period from January 20, 2025, until the offer is declared unconditional or lapses.
The independent committee formed to consider the offer had requested CDL Hotels Holdings to waive this condition, but the request was not agreed to.
Millennium & Copthorne is scheduled to release its financial results for the year ended December 31, 2024, on February 24, 2025.
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