MCK - Millennium & Copthorne Hotels NZ Limited

[Basil]

Yes indeed. At close of business on 22 January the 9 month stand-still agreement under the previous takeover attempt ends. Last year the original takeover offer was made on 20 January.
We could potentially see another offer as early as this Friday 23rd.

Interesting times for MCK shareholders.

[Scooter]

2.7 million shares just crossed at $3.30.   That's 2.5% of mck if my calculations are right. 
Does anyone have any insite into this trade 🤔

[Crackity]

Nope

Things will be clearer next week 

[Basil]

I think it's reasonable to assume CDL were the buyer, and if that's the case that takes them to 86.5% with approx another 1% held by a Kwek family member, call it 87.5% in total.

My goodness, what an intriguing situation.

[Poet]

I think it's reasonable to assume CDL were the buyer, and if that's the case that takes them to 86.5% with approx another 1% held by a Kwek family member, call it 87.5% in total.

My goodness, what an intriguing situation.

It is maybe a bit complicated but don't the takeover code creep provisions apply here? Maybe the creep provision limit of 5% doesn't include increases that were subject to acceptances in a takeover offer.

Current Status
The creep rule under rule 7(e) remains unchanged, allowing holders or controllers with 50-90% of voting rights to increase by up to 5% over any 12-month period from the lowest point in that timeframe. Guidance notes and overviews from 2021-2024 confirm this structure, with no updates noted as of early 2026.

[Crackity]

It is maybe a bit complicated but don't the takeover code creep provisions apply here? Maybe the creep provision limit of 5% doesn't include increases that were subject to acceptances in a takeover offer.

Current Status
The creep rule under rule 7(e) remains unchanged, allowing holders or controllers with 50-90% of voting rights to increase by up to 5% over any 12-month period from the lowest point in that timeframe. Guidance notes and overviews from 2021-2024 confirm this structure, with no updates noted as of early 2026.

I think Singapore can't buy on market till May?

If it is ACC buying they can now deliver 7.2% approx to any CDL takeover - that would guarantee CDL 90%

Should be a sub shareholder notice next week if this is the case

Interesting

[Scooter]

https://www.nzherald.co.nz/business/markets/shares/hotel-shares-interest-buoys-end-of-month-action-market-close/premium/3KJKODGATZDL3AQOSAJQE6MSZU/

Did anyone read this.    In the article they think it's CDL and the next offer might be coming back with a offer of $3.30 a share.   Talk about low balling

[Crackity]

Goodson sold all 1,485,441 MCK shares Salt held into the $2.80 offer at the end of April last year

He's not the sharpest fund management tool in the shed I reckon

[Basil]

It is maybe a bit complicated but don't the takeover code creep provisions apply here? Maybe the creep provision limit of 5% doesn't include increases that were subject to acceptances in a takeover offer.

Current Status
The creep rule under rule 7(e) remains unchanged, allowing holders or controllers with 50-90% of voting rights to increase by up to 5% over any 12-month period from the lowest point in that timeframe. Guidance notes and overviews from 2021-2024 confirm this structure, with no updates noted as of early 2026.

Thanks for your thoughts. Perhaps you are correct which adds further intrigue as to who the buyer is.  As Crackity has suggested, if not CDL then ACC are the next most likely buyer.

[Southern Lad]

If ACC is the purchaser, it'll give them close to 50% of the shares not owned by CDL (post the takeover CDL had 83.923% and the last Companies Office annual return on 1 October 2025 disclosed the ACC holding was 4.72%, so adding 2.55% gets ACC to 7.27%).  ACC may well have increased their shareholding further since 1 October.

At this level, given that other shareholders will also follow their lead, ACC can effectively:

1.  Stop CDL getting to the 90% compulsory acquisition threshold; and

2.  Assuming ACC can negotiate a price with CDL that they can live with, remove the ability of any non-accepting shareholders to challenge the takeover consideration because more than 50% of the outstanding shares will have been accepted into the offer.

My sense is that ACC are determined to get a fair price and won't be easily cajoled into accepting a low price on a take it or leave it basis.  CDL better off having a deal agreed with ACC before launching another takeover offer because they then get a guaranteed outcome.

[Scooter]

Herald seems to think it's CDL.  I guess we might find out monday.
Do you think they will just low all as suggested over and over again till they creep to the magic 90%

[Southern Lad]

As I understand the Takeovers Code, CDL can't increase their shareholding again under the creep provisions until 12 months after the close of the 2025 takeover offer (which was 8 May).  They can then acquire up to 5% in any 12 months, which they could do until they got to 90% and then compulsory acquire the balance however shareholders would have the right (subject to some thresholds being met on the number of objecting shares) to challenge the consideration and have it set by an independent expert.  However, the number of shares available to CDL over time may be limited given my observation that a number of minority shareholders are determined not to 'give their shares away'.

Looking at the share register, there are not a lot of places the 2.7m shares traded yesterday could have come from (assuming the trades are genuine arms length transactions).  On the basis CDL weren't allowed to purchase without a takeover offer, the obvious purchaser was ACC but could clearly be anyone looking to take a position.  We may not know unless the purchaser needs to disclose due to having a 5% or greater position.  The vendors have to be CDL, ACC, Citibank Nominees, HSBC Nominees, JP Morgan Chase Bank or NZX WT Nominees.

[alkebab]

Link to the Companies Office website regarding MCK:

The last time the Particulars of Shareholdings was updated on 1 Oct 2025. ACC has certainly been buying, along with CDL. Though this was only updated months after the takeover offer was announced, so the timeframe is unclear. You may need to refer to previous announcements to get a better idea.
https://app.companiesoffice.govt.nz/companies/app/ui/pages/companies/495300/39123566/entityFilingRequirement?backurl=%2Fcompanies%2Fapp%2Fui%2Fpages%2Fcompanies%2F495300%2Fdocuments

The current shareholdings list:
https://app.companiesoffice.govt.nz/companies/app/ui/pages/companies/495300/shareholdings

[alkebab]

Looking at the minute chart, there were a flurry of trades late yesterday on the market in 75-200-300-900k batches. Could this be the same buyer buying from multiple shareholders?

[Scooter]

Well If that's the case and it's not CDL buying.
The next question will be who's sold... 
On the share registery obviously who have CDL with 88% ish and then acc with maybe 4%.  Next is 0.5%. So that's only 1.5mill shares. So did someone manage to buy a block from multiple buyers. Or could CDL be actually selling down?