Catch 22 presented to Millennium & Copthorne minorities
An increased offer by Singaporean majority owner CDL is still a 'material discount' to the assets of the hotel group, but shareholders can expect a 'material' drop in the trading price and dividends to dry up if they don't accept.
Millennium & Copthorne has stuck to its guns in advising minority shareholders not to accept CDL Hotels Holdings' updated offer.
In a letter to shareholders today, independent directors in the NZX-listed hotel group said they believe the revised offer price of $2.80 per share by the
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