NZ - Auckland International Airport (AIA), which is urging shareholders to reject a partial takeover bid by the Canadian Pension Plan Investment Board (CPPIB), has announced discussions with another potential bidder have ended without an offer.
Frankham said: "As a result, both parties felt it was preferable to end discussions at this point. The party concerned has advised us that they will not be proceeding further."
In December, the board of Auckland International Airport (AIA) urged shareholders to reject a partial takeover offer for 40% of the company's ordinary shares by CPIBB. The Canadian pension fund manager, made the offer direct to shareholders after the airport board voted overwhelmingly against an earlier offer made in November.
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.
AIA said that at the close of trading on 4 February 2008, CPPIB advised acceptances had been lodged for 48,318,171 shares representing 3.95% of the total shares in the company. Of those acceptances, 42,851,210 shares had been lodged in the CPPIB acceptance facility. These shares could be withdrawn by shareholders prior to the close of the offer.
It said 56,141,965 shareholder votes, representing 4.59% of the total shares in the company, had also been received. Of the votes received to date, 76.56% were against CPPIB acquiring a 40% stake and 23.44% were in favour of the offer. The offer period closes on 13 March 2008.
In December, Frankham said that if the takeover offer failed, the board would start a process seeking to identify a cornerstone investor with the attributes it believed would deliver value for all AIA shareholders.
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