Millenium & Copthorne Hotels New Zealand Limited
Transaction Type: Takeover (Full)
Offeror: CDL Hotels Holdings New Zealand Limited
Independent Adviser(s): Northington Partners Limited
Offer commencement date: 10/05/2025
Offer closing date: 8/05/2025
On 20 January 2025, CDL Hotels Holdings New Zealand Limited (CDL) announced its intention to make a full takeover offer (the Offer) for all the shares in Millennium & Copthorne Hotels New Zealand Limited (MCK), for consideration of $2.25 per share.
Prior to the Offer, CDL held or controlled 75.79% of the shares in MCK.
CDL sent the Offer documents to MCK shareholders on 10 February 2025. Subsequently, on 24 February, MCK released its target company statement.
Northington Partners Limited, who prepared the independent adviser’s report, provided a valuation range of $4.40 to $5.00 per MCK share.
MCK’s independent directors advised shareholders to not accept the Offer.
On 22 April 2025, CDL varied the Offer, increasing the consideration to $2.80 per share, and declaring the Offer unconditional.
The Offer closed on 8 May 2025. CDL having received acceptances in respect of 8.062% of MCK shares, increasing CDL’s total voting control to 83.923%.
