The Canada Pension Plan Investment Board (CPPIB) has confirmed the final levels of acceptances into its offer for Auckland International Airport Limited (AIAL) shares.
The final level of acceptances into the offer total 63.5% of the fully paid ordinary shares in AIAL. If the offer becomes unconditional, AIAL shareholders who accepted 39.53% or less of their shareholding will have their AIAL shares taken up in full by CPPIB.
Shareholders who accepted more than 39.53% of their holding into the offer will have 39.53% of their shareholding taken up in full by CPPIB plus 35.27% of any additional AIAL shares that shareholder accepted into the offer.
AIAL shares that were accepted into the offer but will not be taken up by CPPIB as a result of scaling are now tradable.
In the separate shareholder vote, nearly 974 million shares (79.7% of the total shares in the company) were voted, 57.7% of which were in favour of CPPIB’s offer.
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“More than 29,000 Auckland Airport shareholders have sold into our offer,” says CPPIB’s vice-president, head of infrastructure, Graeme Bevans.
Shareholders will receive NZ$3.6555 per share for all those shares accepted into the offer, less 5.75 cents per share to reflect the payment of the interim dividend and the resultant decrease in the equity value of Auckland International Airport.
“Overall,” he adds, “those shareholders who accepted into our offer will realize proceeds of around $1.8 billion if our offer receives Overseas Investment approval, much of which will be invested back into the New Zealand economy.”
CPPIB is awaiting a decision on its Overseas Investment application in relation to its offer. If Overseas Investment approval is granted, shareholders will be sent payment for their AIAL shares taken up by CPPIB within seven days of the offer becoming unconditional.
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