NEW ZEALAND - CPPIB has put a partial takeover offer for Auckland International Airport (AIA) directly to investors, after its initial proposal was rejected by the airport's board.
The offer comprises a convertible note valued at NZ$2.75, 20 cents in cash and a share worth 70.55 cents in a new holding company for each airport stock held.
It represents a premium of 31% or $0.85 over the share price at market close on Thursday and a premium of 50% above the volume weighted average trading price over the one month period up to and including 4 May, the day just prior to takeover speculation.
As a further sweetener, it said it would pay broker handling fees for investors who accept its partial takeover offer for AIA.
In November, board members voted overwhelmingly against CPPIB's first offer, after Standard & Poor's confirmed the airport's credit rating would be downgraded from A to BBB- due to an increase in the level of debt if the deal went ahead.
Wiseman said: "We strongly believe it is an attractive and fair offer, and encourage shareholders to accept and approve the offer.
"We are a long term, patient investor with the ability to bring extensive resources to enhance the performance of the airport business and assist the management team in achieving the goals of the airport's Master Plan."
Tony Frankham, chairman of the AIA board, said directors would be meeting this weekend to finalise their recommendation to shareholders.
"The directors are committed to providing information to enable shareholders to assess the offer, to take advice and to form their views on the offer based on their own circumstances."
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