Millennium & Copthorne Hotels New Zealand (NZE:MCK) said the offer by CDL Hotels Holdings New Zealand to acquire all of the ordinary shares in the company for NZ$2.80 per share closed Thursday, according to a same-day New Zealand bourse filing.
CDL Hotels did not reach the 90% threshold that would have allowed it to compulsorily acquire the remaining ordinary shares.
Consequently, the company remains listed and its shares will continue to be traded on the NZX.
CDL has advised that it has received acceptances for 8.054% of the ordinary shares on issue in the company, taking its total holding of the ordinary shares to 83.915%, now that the offer has closed, the filing said.
CDL has stated it will not make another takeover offer under the Takeovers Code for the company's shares for at least nine months from April 22.
The company's shares rose nearly 1% in recent Friday trade.
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