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The latest announcement is out from City Developments ( (SG:C09) ).
Millennium & Copthorne Hotels New Zealand Limited (MCK) has received a takeover offer from CDL Hotels Holdings New Zealand Limited (CDLHH NZ), which already holds 75.8% of MCK’s shares. The offer is priced at $2.25 per share. MCK’s Independent Directors have deemed the offer too low and inadequate, arguing it doesn’t reflect the true value of MCK’s assets and future potential as the market recovers. Shareholders are advised to take no action until they receive the Target Company Statement, which will include an independent assessment by Northington Partners Limited.
More about City Developments
Average Trading Volume: 100
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $3.38B
For a thorough assessment of C09 stock, go to TipRanks’ Stock Analysis page.
