In late April, CDL raised its offer price to NZ$2.80, as MCK shareholders felt the original price was “too low and inadequate”.
City Developments Limited’s (CDL) takeover offer for New Zealand-listed Millennium and Copthorne New Zealand (MCK) closed at 5pm (New Zealand time) on May 8. The compulsory acquisition threshold of 90% was not met.
CDL, through its indirect wholly-owned subsidiary, CDL Hotels Holdings New Zealand, first made an offer for the shares it did not own in MCK in January. The offer price made then was NZ$2.25 ($1.72).
