City Development Ltd (CDL) has made an offer to take over Millennium & Copthorne Hotels New Zealand (MCK) for NZ$57.3m (€31m).
Through its New Zealand subsidiary, CDL Hotels Holdings New Zealand, the Singapore group is offering NZ$2.25 for each share in the target company that it currently does not own.
If the offer is accepted, CDL plans to delist the company and privatise MCK, which runs hotels in New Zealand.
The company said the move would “simplify the ownership structure” of CDL’s investment entities in New Zealand.
MCK currently owns, leases and/or has under franchise 18 hotels in New Zealand. It also has a majority stake in land developer CDL Investments New Zealand as well as property interests in Australia through its Kingsgate Group subsidiaries.
MCK recorded a net asset value of NZ$532m for the first half of 2024 financial year, ending 30 June 2024.
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