City Developments Limited’s (CDL) takeover offer for New Zealand-listed Millennium and Copthorne New Zealand (MCK) closed at 5pm (New Zealand time) on May 8. The compulsory acquisition threshold of 90% was not met.
CDL, through its indirect wholly-owned subsidiary, CDL Hotels Holdings New Zealand, first made an offer for the shares it did not own in MCK in January. The offer price made then was NZ$2.25 ($1.72).
In late April, CDL raised its offer price to NZ$2.80, as MCK shareholders felt the original price was “too low and inadequate”.
At the close of the revised offer, CDLHH NZ received acceptances amounting to 8.054%, bringing its total stake in MCK to 83.915%, excluding treasury shares. CDLHH NZ paid NZ$23.8 million in total for the shares.
In its May 9 statement, CDLHH NZ said it will not make another takeover offer under the NZ Takeovers Code for nine months from April 22.
Shares in CDL closed 2 cents higher or 0.414% up at $4.85 on May 9.
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