Auckland Airport update on CPPIB offer
Auckland Airport update on CPPIB partial takeover offer
As of today, the Canada Pension Plan Investment Board (CPPIB) has advised that acceptances have been lodged for 66,872,184 shares, representing 5.47 per cent of the total shares in the company. Of those acceptances, 56,794,097 shares have been lodged in the CPPIB acceptance facility. These shares can be withdrawn by shareholders prior to the close of the offer.
62,822,691 shareholder votes, representing 5.14 per cent of the total shares in the company, have also been received. Of the votes received to date, 75.15 per cent are against CPPIB acquiring a 40 per cent stake and 24.85 per cent are in favour of the offer.
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 per cent shareholder. CPPIB needs 39.2 per cent acceptances and a majority vote in order to complete the transaction.
The offer closes on 13 March 2008.