MCK independent directors reject increased takeover offer, advise shareholders against accepting

** Millennium & Copthorne Hotels New Zealand (NZX:MCK) faces an increased takeover offer from CDL Hotels Holdings New Zealand Limited (CDLHH NZ), raising the price from NZD 2.25 to NZD 2.80 per ordinary share. Despite the increase, the Independent Directors Committee stands by its original recommendation that shareholders do not accept the offer, maintaining it is still too low and inadequate, significantly below the Independent Advisor's assessment of value for ordinary shares.