The independent directors recommended in the target company statement on Feb 24, 2025, that MCK holders do not accept the target offer of NZ$2.25, citing that the offer price is "too low and inadequate".
CDL Hotels Holdings New Zealand Limited (CDLHH NZ), a wholly-owned subsidiary of City Developments Limited (SGX:C09
) , has increased its offer price to take New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK) private to NZ$2.80 ($2.20) per ordinary share.
The company first made an offer for all the shares it does not own in MCK in January, for NZ$2.25.
