Shareholders vote to approve CPPIB partial bid
Auckland Airport shareholders vote to approve CPPIB partial bid
CPPIB's partial takeover offer for Auckland Airport has been approved by a majority of the company's shareholders who voted.
At the close of the offer period, being 5pm on Thursday 13 March, 973,962,269 shares (representing 79.7% of the total shares in the company) were voted by shareholders, with 57.7% of those votes approving the CPPIB offer. These results are subject to final confirmation which is expected by 9 am Monday 17 March.
Acceptances of the offer were lodged for 763,485,952 shares representing 62.5% of the total shares in Auckland Airport. Under its partial bid CPPIB was seeking 39.2% of the shares in the company. These results are also subject to final confirmation as acceptance forms post-marked before 5pm on 13 March can be counted as valid acceptances.
CPPIB has advised that it will provide final details on scaling once acceptance levels have been finalised by the middle of next week. Shares in excess of CPPIB’s requirement under the offer will not be acquired and will then become tradable.
Chairman of Auckland Airport, Tony Frankham, said the transaction requires final approval from the Overseas Investment Office by 11 April in order to become unconditional.
“Auckland Airport hopes that, in the interests of certainty and an informed market, the government ministers concerned will announce their decision well before this deadline.
If approval is not gained by this date, the offer will lapse and the shares offered for sale will no longer be subject to the bid which means they will be free to be traded as usual”, he said.
Mr Frankham said the board remained focused on working in the long term interests of the airport company and its shareholders.