Crown entity describes CDL bid as ‘unreasonable and opportunistic’, with the process of redeeming preference shares at a materially lower price than the shares as egregious.
The Accident Compensation Corporation won't accept CDL Hotels' revised offer for its 4.5% stake in Millennium & Copthorne (MCK), suggesting that the $2.80 offer represents less than half of the value it will acquire.
Shares in the NZX-listed hotel group were up 26.85% yesterday, closing at $2.74
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