CDL fails bid to take Millennium & Copthorne Hotels private

This is despite raising its offer from $1.76 to $2.20 per share.

CDL Hotels Holdings New Zealand Limited (CDLHH NZ), a subsidiary of City Developments Limited (CDL), has failed in its takeover bid for Millennium & Copthorne Hotels New Zealand Limited (MCK) after not reaching the required 90% threshold for a full takeover.

According to a bourse filing, CDLHH NZ only received an additional 8.054% acceptances in, taking its total holding in MCK shares to 83.915%.

This was after the group increased its takeover offer for MCK to $2.20 (NZ$2.80) per share, up from its initial January bid of $1.76 (NZ$2.25).

CDLHH NZ said will not make another takeover offer under the NZ Takeovers Code for the MCK Shares for at least nine months from 22 April 2025.

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