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City Developments ( (SG:C09) ) has issued an announcement.
CDL Hotels Holdings New Zealand Limited (CDLHH NZ) has increased its offer price to acquire all ordinary shares of Millennium & Copthorne Hotels New Zealand Limited from $2.25 to $2.80 per share. Despite the increased offer, MCK’s independent directors recommend shareholders not accept it, as they consider it inadequate. CDLHH NZ has waived all remaining conditions, making the offer unconditional, and has secured agreements with some institutional shareholders, now holding 78.678% of the shares. However, the largest institutional shareholder, Accident Compensation Corporation, has declined the offer. The outcome of this offer could significantly impact minority shareholders, especially if CDLHH NZ reaches the 90% threshold required for compulsory acquisition.
More about City Developments
City Developments Limited (CDL) operates in the real estate and hospitality industry, focusing on property development and hotel management. The company has a significant presence in New Zealand through its subsidiary, Millennium & Copthorne Hotels New Zealand Limited (MCK).
YTD Price Performance: 0.93%
Technical Sentiment Signal: Buy
Current Market Cap: $3.44B
For an in-depth examination of C09 stock, go to TipRanks’ Stock Analysis page.