CDL raises offer to $2.20 for MCK

This is higher than its initial January bid of $1.76 (NZ$2.25).

CDL Hotels Holdings New Zealand (CDLHH NZ), a wholly owned subsidiary of City Developments Limited (CDL), has increased its takeover offer for Millennium & Copthorne Hotels New Zealand (MCK) to $2.20 (NZ$2.80) per share, up from its initial January bid of $1.76 (NZ$2.25).

This followed the recommendation of the company's independent directors to reject the target offer of $1.76 (NZ$2.25), which it deemed "too low and inadequate," according to a statement on 24 February.

In a notice and accompanying letter, CDLHH NZ said it increased the offer, noting that no further price increases will be made.

It has also waived the 90% minimum acceptance condition, secured approval from New Zealand’s Overseas Investment Office, and confirmed that the offer is now unconditional.

CDLHH NZ also added that it will not make another takeover offer for at least nine months, and the closing date for the offer remains at 8 May.

MCK said its Independent Directors Committee is now assessing the increased offer and will provide recommendations by 28 April.

($1 = NZ$1.28)

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