CDL Hotels Holdings New Zealand Limited (CDLHH NZ), a wholly-owned subsidiary of City Developments Limited , has increased its offer price to take New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK) private to NZ$2.80 ($2.20) per ordinary share.
The company first made an offer for all the shares it does not own in MCK in January, for NZ$2.25.
The independent directors recommended in the target company statement on Feb 24, 2025, that MCK holders do not accept the target offer of NZ$2.25, citing that the offer price is "too low and inadequate".
CDLHH NZ has therefore increased its offer price to NZ$2.80, also stating that it would not be further increasing the offer price, and that it had waived the 90% acceptance condition to its offer, overseas investment office approval had been received and that the offer is now unconditional.
It will also not make another takeover offer for at least nine months, and the closing offer date remains May 8, 2025.
Shares in City Developments closed 1 cent higher or 2.11% up at $4.84.
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