Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Auckland Airport receives CPPIB takeover notice

16 November 2007

Auckland Airport receives CPPIB takeover notice and seeks all other takeover offers

See also formal notice in PDF Format
http://img.scoop.co.nz/media/pdfs/0711/CPPIBNotice_of_Intention16nov07.pdf

Auckland International Airport Limited (Auckland Airport) has today received a takeover notice from NZ Airport NC Limited (NZ Airport), a related company of Canada Pension Plan Investment Board (CPPIB). The takeover notice was expected following the announcement by CPPIB on 7 November.

A copy of the takeover notice is attached. NZ Airport intends to make a partial takeover offer for 39.53% of the total issued ordinary shares of Auckland Airport at an offer price of $3.6555 per share. The offer will be subject to a number of conditions, including shareholder approval under Rule 10 of the Takeovers Code. This approval will be obtained if Auckland Airport shareholders who approve NZ Airport making the offer hold more voting rights in Auckland Airport than are held by Auckland Airport shareholders who object to NZ Airport making the offer.

The takeover offer is expected to be mailed to shareholders on Friday, 14 December and be open for a period of 90 days.

The Board is currently evaluating the takeover notice. The Board is seeking the Takeovers Panel's approval to the appointment of an independent adviser and will announce such appointment as soon as approval has been obtained from the Panel.

The Board will also seek detailed advice on the new offer. Details of the Board’s views on the offer will be included in the Target Company Statement which is also expected to be mailed to shareholders before Christmas. This will include a copy of the independent adviser’s report.

The Board of Auckland Airport has also asked its financial advisors to seek all other takeover offers for the company.

Chairman John Maasland said that the directors wanted to make sure all interested parties were aware of the opportunity to take a stake of this nature in the company.

Mr. Maasland said the Board believes that potential investors in Auckland Airport have had extensive opportunities to express their intentions in relation to the company – especially as Auckland Airport had made the details of a specific proposal available to the market in order to encourage other parties to submit better proposals.

“While we have had discussions with more than 10 parties over the past 18 months, covering a range of local and international entities, these discussions were largely on the basis of a restructuring rather than a takeover.

Now that we have received a formal takeover notice from NZ Airport, in the interests of shareholders we want to ensure that all parties have an opportunity to consider this approach.

We have therefore asked First NZ Capital and Credit Suisse to actively solicit takeover offers and will inform shareholders of the outcome of this process”.

Directors recommend that Auckland Airport shareholders await the takeover offer being made and full details of the company’s assessment of the offer, including the Board’s recommendation and the independent adviser’s report, before taking further action.

- ends -


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news