CDLHH NZ increases offer for Millennium & Copthorne shares

CDL Hotels Holdings New Zealand (CDLHH NZ) has increased its offer to acquire all ordinary shares in Millennium & Copthorne Hotels New Zealand (NZX:MCK) to NZD 2.80 per share, up from the initial NZD 2.25 offer. The independent directors committee is currently assessing the increased offer, with a recommendation to ordinary shareholders expected by Monday, April 28, 2025. Shareholders are advised to take no action until the recommendation is released. The original offer was dated February 10, 2025, and the independent directors initially recommended that shareholders reject the offer. CDLHH NZ has stated that it will not further increase the offer price, has waived the 90% minimum acceptance condition, and will not make another takeover offer for at least nine months. The closing date for the offer remains May 8, 2025.