Millennium & Copthorne Hotels NZ soars on increased buyout offer

Millennium & Copthorne Hotels New Zealand

22/04/2025 05:55

** Shares of Millennium & Copthorne Hotels New Zealand MCK.NZ jump 27.3% to NZ$2.75, set for their strongest session since mid-November 1991

** Stock hits highest level since late-January 2020 and is top gainer on the benchmark NZ 50 Index .NZ50, which is down 1.5%

** Hotel operator says that CDL Hotels Holdings New Zealand has increased its buyout offer to NZ$2.80/share, from the initial offer of NZ$2.25/share

** CDL Hotels Holdings has confirmed it will not be further increasing the offer price

** Over 4,300 shares change hands, 4.2x the 30-day avg

** Stock up ~51% YTD, compared to about 9% drop in NZ 50 index

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))