IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Millennium & Copthorne Hotels (MCK NZ): City Dev’s Unattractive Takeover Offer

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Event-Driven

Millennium & Copthorne Hotels Nz / Event-Driven

Millennium & Copthorne Hotels Nz (MCK NZ)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a> increased its <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels Nz (MCK NZ)</a> offer to NZ$2.80, a 24.4% premium to its previous NZ$2.25 offer. The Board will respond by 28 April.</li>
<li>The offer price is final. CDL has received OIO approval and has waived all the remaining conditions. Therefore, the offer is now unconditional.  </li>
<li>While the revised offer remains materially below the IFA valuation and NTA, it is attractive compared to historical trading ranges. The close date for the offer remains 8 May.</li>
</ul>



City Developments (CIT SP) increased its Millennium &amp; Copthorne Hotels Nz (MCK NZ) offer to NZ$2.80, a 24.4% premium to its previous NZ$2.25 offer. The Board will respond by 28 April.
The offer price is final. CDL has received OIO approval and has waived all the remaining conditions. Therefore, the offer is now unconditional.  
While the revised offer remains materially below the IFA valuation and NTA, it is attractive compared to historical trading ranges. The close date for the offer remains 8 May.


Millennium & Copthorne Hotels (MCK NZ): City Dev’s Final and Unconditional NZ$2.80 Offer