CDL Hotels owns 75 percent of Millennium & Copthorne Hotels. Photo: RNZ / Dan Cook
Hotel operator Millennium & Copthorne Hotels (MCK) will remain a publicly-listed company for now, after its majority owner CDL's full takeover offer closed without reaching the threshold for compulsory acquisition.
Singapore-based CDL and the independent directors of MCK have been at loggerheads over the takeover proposal, with the independent directors saying the offers proposed to date were too low.
https://www.rnz.co.nz/news/business/559267/millennium-and-copthorne-hotels-shareholders-told-to-reject-improved-takeover-offer
The latest offer of $2.80 a share to acquire all ordinary shares in MCK closed at 5pm Thursday.
MCK said CDL did not reach the 90 percent threshold, which under the Takeovers Code would have allowed it to compulsorily acquire all remaining ordinary shares.
CDL said it had increased its shareholding to just under 84 percent of MCK, after receiving acceptances for just over 8 percent of the shares issued.
CDL previously said it would not make another takeover offer for at least another nine months.
