Millennium & Copthorne Hotels NZ eyes best day in 10-1/2 yrs on takeover bid

Millennium & Copthorne Hotels New Zealand

19/01/2025 23:23

** Shares of Millennium & Copthorne Hotels New Zealand
 MCK.NZ  rise 17.8% to NZ$2.12, their highest since May 15, 2023
after receiving takeover offer
    ** Stock set for best trading session since July 18, 2014,
if current gains hold
    ** Hotel operator receives takeover notice from CDL Hotels
Holdings NZ, unit of Singapore-listed City Developments
 CTDM.SI 
    ** CDL Hotels NZ to acquire all MCK shares it already does
not own for NZ$2.25 per share
    ** Offer price represents a 25% premium on stock's last
close of NZ$1.8
    ** More than 23,000 shares change hands, 6.8 times the
30-day avg
    ** MCK up 16.5% YTD, including current session's moves

 (Reporting by Nikita Maria Jino in Bengaluru; Editing by Sonali
Paul)
 ((Nikita.Jino@thomsonreuters.com;))