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Airport Directors' Recommendation Due Monday

Airport Directors' Recommendation Due Monday

Auckland Airport shareholders will know their directors’ view on the Canada Pension Plan Investment Board’s (CPPIB) partial takeover offer for 39.53% of the shares in the company on Monday, 17 December 2007. The partial takeover offer was announced by CPPIB today.

Chairman of the Board, Tony Frankham, said today that directors would be meeting this weekend to finalise their recommendation to shareholders.

“We are aiming to release our recommendation on the partial offer from CPPIB before the market opens on Monday.

“Shareholders will then be sent formal documentation from the company relating to the partial offer, including an independent adviser’s report from Grant Samuel & Associates Limited and a report on the passenger and aircraft demand environment at Auckland Airport. The Directors are committed to providing information to enable shareholders to assess the offer, to take advice and to form their views on the offer based on their own circumstances.”

Mr Frankham said shareholders should take no action in the interim.

“While we understand that CPPIB intends to distribute its formal offer documents to shareholders in the next few days, we believe it is in shareholders’ best interests to take no action at this stage and to consider the information which will be provided by Auckland Airport’s directors.”

The partial takeover is for 39.53% of the shares in Auckland Airport not already held by CPPIB at a price of $3.6555 per share

CPPIB’s announcement is set out below.


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