Update on progress of CPPIB partial takeover offer
Auckland Airport update on progress of CPPIB partial takeover offer
Auckland International Airport Limited (Auckland Airport) is committed to providing shareholders and the wider market with updates on the progress of acceptances and objections to the Canada Pension Plan Investment Board’s (CPPIB’s) partial takeover offer for 40% of the ordinary shares of Auckland Airport.
Shareholders are required to make two decisions – whether to sell their shares into the offer, and whether to vote for or against CPPIB becoming a 40% shareholder. CPPIB needs 39.2% acceptances and a majority vote in order to complete the transaction.
At close of trading yesterday, 4 February 2008, CPPIB had advised that acceptances have been lodged for 48,318,171 shares representing 3.95% of the total shares in the company. Of those acceptances 42,851,210 shares have been lodged in the CPPIB acceptance facility. These shares can be withdrawn by shareholders prior to the close of the offer.
56,141,965 shareholder votes, representing 4.59% of the total shares in the company, have also been received. Of the votes received to date, 76.56% are against CPPIB acquiring a 40% stake and 23.44% are in favour of the offer.
The offer period closes on 13 March 2008.