CDLHH NZ launches offer to buy remaining shares in Millennium & Copthorne Hotels

The offer is for $2.25 per share, payable in cash.

City Developments Limited’s subsidiary, CDL Hotels Holdings New Zealand (CDLHH NZ) is looking to buy all ordinary shares in Millennium & Copthorne Hotels New Zealand (MCK) it does not hold at NZ$2.25 per share.

CDLHH NZ issued the takeover notice to MCK on 20 January 2025, according to an SGX filing by City Dev.

The offer is slated to open for acceptance beginning 3 February until 2 May 2025.

Separately, CDLHH NZ is open to acquiring preference shares of MCK at NZ$1.7 per share via its broker Craigs Investment Partners, through buying on the NZX Main Board.

CDLHH NZ said that it may also elect to have the preference 
shares issued by MCK redeemed, if CDLHH NZ is successful in acquiring all of the outstanding ordinary shares of MCK.

Millennium & Copthorne Hotels NewZealand is an NZX-listed hotel owner. It operates 18 hotels in New Zealand under the Millennium, Grand Millennium, M Social, Copthorne, and Kingsgate brands.