CPPIB makes renewed offer for Auckland airport

Nicole Mezzasalma

Print Article E-Mail Article E-Mail Author

Partial takeover offer will now be evaluated by the airport’s board

Auckland International Airport Limited (AIAL) has confirmed that Canada Pension Plan Investment Board (CPPIB) has plans of making a new partial takeover offer to AIAL shareholders. If successful, the bid would increase CPPIB’s shareholding in AIAL to 40%. According to the CPPIB statement, the company has been contacted by AIAL shareholders wishing for an opportunity to consider its proposal directly after the AIAL board’s decision to cease discussions with the Canadian firm on October 31.

CPPIB’s new proposal includes offering NZ$3.6555 ($2.87) per share, and the company claims it “will take all reasonable steps within its control to ensure that as soon as possible after successful completion of the offer, the CPPIB amalgamation proposal will be placed in front of the shareholders”. The Canadian firm also expects to be able to give AIAL a formal takeover notice under the Takeovers Code in the near future.