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CDL fails in bid to buy out New Zealand hotel unit
The Straits Times
|May 10, 2025
City Developments Limited (CDL) has failed in a bid to buy out its listed New Zealand hotel unit, in another setback for the embattled Singapore developer.
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The company controlled by Singapore's richest family had sought to take Millennium & Copthorne Hotels New Zealand (MCK) private. A revised final offer did not attract sufficient interest from minority investors to meet a 90 per cent threshold by a May 8 deadline, the hotel operator said in a New Zealand Stock Exchange filing on May 9.
CDL had offered to buy the 24 per cent of ordinary shares it did not own. That would have cost about NZ$71 million (S$54.4 million) at the most recent offer price, according to Bloomberg calculations.
The property firm is trying to recover from a family feud that has raised questions about the ability of chief executive Sherman Kwek to engineer a turnaround after a public spat with his father, executive chairman Kwek Leng Beng.
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