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City Developments ( (SG:C09) ) has issued an announcement.
Millennium & Copthorne Hotels New Zealand Limited has received a takeover notice from its major shareholder, CDL Hotels Holdings New Zealand Limited, for a full takeover of shares it doesn’t own, priced at $2.25 per share. While the offer does not include listed redeemable preference shares, CDLHH NZ expresses willingness to acquire them separately. MCK has established a committee of independent directors to evaluate the notice and any subsequent offers, recommending shareholders await further guidance before action.
More about City Developments
Millennium & Copthorne Hotels New Zealand Limited (MCK) is the sole NZX-listed hotel owner-operator with 18 hotels in New Zealand under various brands including Millennium and Copthorne. MCK is part of a global network of over 120 properties and is a majority shareholder in land developer CDL Investments New Zealand Limited. It also has property interests in Australia through its Kingsgate Group subsidiaries.
YTD Price Performance: -0.80%
Average Trading Volume: 100
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $3.35B
For an in-depth examination of C09 stock, go to TipRanks’ Stock Analysis page.
