Update on CPPIB partial takeover offer, 10 Mar
AKL Airport Update on CPPIB partial takeover offer - further update
As of 10 March 2008, the Canada Pension Plan Investment Board (CPPIB) advised that acceptances have been lodged for 250,790,036 shares, representing 20.52 per cent of the total shares in the company. Of those acceptances, 164,081,043 shares have been lodged in the CPPIB acceptance facility. These shares can be withdrawn by shareholders prior to the close of the offer.
234,786,580 shareholder votes, representing 19.21 per cent of the total shares in the company, have also been received. Of the votes received to date, 32.61 per cent are against CPPIB acquiring a 40 per cent stake and 67.39 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.