Hotel directors say takeover bid ‘too low and inadequate’

The offer price is $2.25 per share.

The independent directors of Millennium & Copthorne Hotels New Zealand Limited (MCK) called the takeover bid of CDL Hotels Holdings New Zealand Limited (CDLHH NZ) ‘too low and inadequate’, a bourse filing said.

On 20 January, MCK received a takeover notice from CDLHH NZ. CDLHH NZ holds 75.8% of MCK’s shares.

The offer price was $2.25 per share for all of the shares in MCK not already held by CDLHH NZ, however, the directors said it does not provide adequate value to minority shareholders.

“We will provide shareholders with a Target Company Statement within the next two weeks that will include more detail, but we are advising shareholders to take no action at this time,” Leslie Preston, Chair of the Independent Directors Committee said.

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