Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Millennium & Copthorne Hotels Nz / Event-Driven

<ul>
<li>Back on the 20th January, <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 (MCK NZ)</a>, a Kiwi hotel chain, announced that <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>, its controlling shareholder, made an Offer for shares not held.</li>
<li>City Dev offered NZ$2.25/share (not final), a 25% premium to last close. City held 75.86% and the Offer was (initially) conditional on a 90% holding, including shares currently held.</li>
<li>The independent advisor recommended shareholders NOT accept the Offer, with a fair value range of NZ$4.40-NZ$5.00/share. City Dev has blinked, and <a href="https://links.sgx.com/FileOpen/1.MCHNZ-Takeover_offer_update.ashx?App=Announcement&amp;FileID=841953" target="_blank" rel="noopener">bumped</a> terms 24.4% to NZ$2.80/share - best and final.
</li>
</ul>


Back on the 20th January, Millennium &amp; Copthorne (MCK NZ), a Kiwi hotel chain, announced that City Developments (CIT SP), its controlling shareholder, made an Offer for shares not held.
City Dev offered NZ$2.25/share (not final), a 25% premium to last close. City held 75.86% and the Offer was (initially) conditional on a 90% holding, including shares currently held.
The independent advisor recommended shareholders NOT accept the Offer, with a fair value range of NZ$4.40-NZ$5.00/share. City Dev has blinked, and bumped terms 24.4% to NZ$2.80/share - best and final.



M & C Hotels (MCK NZ): City Dev Blinks & Bumps

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<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

<ul>
<li>
<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> disclosed a conditional takeover offer from <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> at NZ$2.25, a 25.0% premium to the undisturbed price of NZ$1.80 (17 January).</li>
<li>The key condition is a 90% minimum acceptance condition, which will be an issue as the offer is materially below NTA on a historical cost and market-value-based approach.</li>
<li>CDL has three options to address shareholder resistance: lower the minimum acceptance threshold, increase the offer price, or continue extending the close. </li>
</ul>



Millennium &amp; Copthorne Hotels Nz (MCK NZ) disclosed a conditional takeover offer from City Developments (CIT SP) at NZ$2.25, a 25.0% premium to the undisturbed price of NZ$1.80 (17 January).
The key condition is a 90% minimum acceptance condition, which will be an issue as the offer is materially below NTA on a historical cost and market-value-based approach.
CDL has three options to address shareholder resistance: lower the minimum acceptance threshold, increase the offer price, or continue extending the close. 


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

<ul>
<li>
<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 (MCK NZ)</a> (MCK), a Kiwi hotel chain, has announced that <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>, its major shareholder, has made an Offer for shares not held. </li>
<li>City Dev is offering NZ$2.25/share, a 25% premium to last close. City holds 75.86% and the offer is conditional on a 90% holding, including shares currently held. </li>
<li>Reg approvals include OIA, which should be rubber-stamped. Very illiquid company.</li>
</ul>



Millennium &amp; Copthorne Hotels (MCK NZ) (MCK), a Kiwi hotel chain, has announced that City Developments (CIT SP), its major shareholder, has made an Offer for shares not held. 
City Dev is offering NZ$2.25/share, a 25% premium to last close. City holds 75.86% and the offer is conditional on a 90% holding, including shares currently held. 
Reg approvals include OIA, which should be rubber-stamped. Very illiquid company.


Millennium & Copthorne Hotels (MCK NZ): City Dev's Privatisation Offer

<ul>
<li>Cuscaden Peak, the sponsor of <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.</li>
<li>The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.</li>
<li>Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.</li>
</ul>


Cuscaden Peak, the sponsor of Paragon REIT (PGNREIT SP) and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.
The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.
Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.


Paragon REIT (PGNREIT SP)'s Privatisation Offer

New Zealand

Millennium & Copthorne Hotels New Zealand Limited is involved in the ownership and operation of hotels in New Zealand and Australia.  The Company also is involved in the purchasing and development of real estate in New Zealand.

Millennium & Copthorne Hotels Nz (MCK NZ)

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Millennium & Copthorne Hotels Nz (MCK NZ)

M & C Hotels (MCK NZ): City Dev Blinks & Bumps

As this Offer heads towards the technical pointy end, I and some readers had some questions, especially on the likelihood of suspension at the...

David Blennerhassett

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

The offer is now unconditional. While the revised and final offer remains materially below the IFA valuation and NTA, it is attractive compared to...

Arun George

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

The offer is materially below NTA. CDL has three options to address shareholder resistance: lower the minimum acceptance threshold, increase the...

Arun George

Millennium & Copthorne Hotels (MCK NZ): City Dev's Privatisation Offer

This is done. No other Offer will emerge. If small, illiquid arbs are your bent, look to enter here and on any weakness.

David Blennerhassett

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett

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