CANADA/NEW ZEALAND - The Canada Pension Plan Investment Board (CPPIB) plans to make another partial takeover offer to all shareholders of Auckland International Airport Limited (AIAL).
Last month, Global Pension’s reported lack of industry experience and a worsened debt rating had thwarted the CPPIB’s attempt to buy into Auckland Airport.
The AIAL board decided on October 31 to cease discussions with CPPIB and reject its proposal, thereby not disclosing all of the details of the proposal to shareholders for their consideration.
The new proposal from CPPIB would, if successful, increase CPPIB’s shareholding in AIAL to 40%, which CPPIB believes would then enable its amalgamation proposal to be put to shareholders for their consideration.
Mark Wiseman, senior vice president - private investments for CPPIB, said: “In the past few days, we have received strong encouragement from AIAL shareholders that they would like the opportunity to consider our proposal directly. Like us, they believe that our proposal is one that is in the interests of all AIAL stakeholders. As a result, we have decided to take steps to enable CPPIB’s proposal to be put directly to shareholders.”
There have also been unconfirmed reports that New Zealand Superannuation Fund and Infratil, an infrastructure investor have increased their stake in the airport from 1.8%.
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