Confidentiality deed with another interested party
Auckland Airport signs confidentiality deed with another interested party
The directors of Auckland International Airport Limited (Auckland Airport) have signed a confidentiality deed with an international party which has expressed interest in the company.
Chairman of Auckland Airport, Tony Frankham, said the party had initially expressed an interest when the board asked its financial advisors to seek any other takeover offers in November.
Following the signing of the confidentiality deed, this party has been provided access to preliminary due diligence.
“This party is the one referred to in our Target Company Statement sent to shareholders. We are releasing this notice today to confirm the position to the market.
Auckland Airport will keep the market informed of any significant developments with this party or any other party should they come forward” he said.
Mr Frankham said that Auckland Airport has also received formal clearance from CPPIB to seek other proposals while the partial takeover offer is open to shareholders.
“A provision within the CPPIB takeover offer prevented this, however, CPPIB has advised that it will not apply this provision to any process we undertake to identify alternative proposals which need not necessarily be takeover offers.
Therefore we will begin a new process early in 2008 to seek a partner who better meets the criteria established by the board. However, the directors consider that the outcome of this process will not be known until well after the CPPIB takeover offer closes on 13 March” he said.
Earlier this week directors recommended that Auckland Airport shareholders reject the partial takeover offer being made by CPPIB for the 39.53% of the Auckland Airport shares not already held by CPPIB at $3.65 per share and hold their shares.
A copy of the Target Company Statement including the independent adviser’s report is available on the Auckland Airport website www.auckland-airport.co.nz and has also been sent to all shareholders.