| Decision | Consent Granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 17 April 2025 |
| Pathways | Significant Business Assets and Sensitive land - Farm land benefit test |
| Investment | Acquisition of up to 100% of the shares in Millennium & Copthorne Hotels New Zealand Limited (MCK) which gives an interest in sensitive land |
| Consideration | $2.80 per ordinary share ($71.3 million in total (if all outstanding shares are acquired)) |
| Applicant | City Developments Limited |
| Vendors | Shareholders of Millennium & Copthorne Hotels New Zealand Limited |
| Background | The Applicant is a Singaporean company listed on the Singapore Stock Exchange (SGX). The Applicant intends to acquire the remaining 24.14% of the ordinary shares (excluding treasury stock) it does not currently hold in MCK pursuant to a full takeover offer under the Takeovers Code. MCK is an NZX listed company that owns and operates hotels in New Zealand. It has a majority stake (65.31%) in CDL Investment New Zealand Limited, a New Zealand land development company, developing residential and commercial projects. The Investment will result in the Applicant indirectly wholly owning MCK. It will also increase the Applicant’s interests in sensitive New Zealand land. The Applicant intends to de-list MCK from NZX making MCK a private company wholly owned by the Applicant. It intends to refurbish/renovate the hotels where required and to undertake more acquisitions. The main benefits to New Zealand are likely to include economic benefits by enhancing New Zealand’s international reputation in allowing transactions of existing shareholders to increase their interests, making MCK’s operations more efficient, and increasing capital expenditure; and advancing government's tourism strategy. Consent was granted as the Applicant has met the investor test criterion and the Investment is likely to benefit New Zealand. |
| More information | Dan Jones |