Auckland International Airport Limited (AIA)

[Toddy]

Any news out there in the market about how the offer is progressing. The SP has dropped off in recent days.

[Deev8]

Any news out there in the market about how the offer is progressing.

No offer documents have been sent to shareholders yet, so it's not progressing much.

[Placebo]

Has been interesting to see how Sky City has run its "takeover" process compared to AIA.

AIA has basically sat back and waited while 2 suitors came along, shareholders weren't really told anything until the details were publicised (in the media), by which time it emerged the Board had considerable detail.

SKC set a deadline for potential takeoverers (??) to put in bids. Okay, the deadline passed without any bids, but I think that was a better and more transparent way of going about things.

[macduffy]

Can't agree with that, Placebo.
Sky City directors have given up on the company and encouraged a low ball bid by putting SKC on the market.
If they can't see a future they should stand aside for some who can.

[Placebo]

Well if you don't agree with me

YOU'RE WRONG!!!!! WRONG! WRONG! WRONG!!!!!!!

[Toddy]

Has been interesting to see how Sky City has run its "takeover" process compared to AIA.

AIA has basically sat back and waited while 2 suitors came along, shareholders weren't really told anything until the details were publicised (in the media), by which time it emerged the Board had considerable detail.

SKC set a deadline for potential takeoverers (??) to put in bids. Okay, the deadline passed without any bids, but I think that was a better and more transparent way of going about things.

Placebo

Whenever you sell your house which of the following methods would give you the best price and at what stage do you tell the bank manager that the deal is done.

a. Advertise and wait for the real estate agent to put an offer in front of you to consider.
b. Set a price and wait for an offer.
c. Put up for tender with a set date.
d. Auction.
e. Wait for someone to walk off the street out of the blue offer you a premium because you have the best asset in the street.
f. Only sell to New Zealand residents.
g. You have given up on your house so put a sign out the front saying 'trustees say must sell' or 'moving on, genuine seller'.
h. House swap.
i. Tell the wife that a 'compelling' offer is on the way as soon as finances have been sorted.
etc

[Viking]

By NZPA
Thursday 6th December 2007

The Canada Pension Plan Investment Board (CPPIB) is changing its proposed bid for Auckland International Airport, increasing the number of shares offered.

The Canadian offer of stapled securities, to be launched tomorrow, would consist of an ordinary share valued at 70.55c each and a convertible note valued at $2.75 each.

As a result, the convertible note component of the offer would reduce by 18% to $3.4 billion, and shares would increase more than six times to $862 million.

All other terms of the proposed amalgamation would remain unchanged.

"Directors recommend that Auckland Airport shareholders await the takeover offer being made and full details of the company's assessment of the offer, including the board's recommendation and the independent adviser's report, before taking further action," Auckland Airport directors said.

Last month, having already once been spurned by the airport's directors, CPPIB submitted a fresh and hostile proposal for up to 40% of the airport company.

Shares in Auckland Airport were steady at $2.79.

[KS]

Has the offer been reduced from $3.6555 to $3.4555?

16/11/2007 TAKEOVER
Auckland International Airport Limited (Auckland Airport) has today received
a takeover notice from NZ Airport NC Limited (NZ Airport), a related company
of Canada Pension Plan Investment Board (CPPIB). The takeover notice was
expected following the announcement by CPPIB on 7 November.

A copy of the takeover notice is attached. NZ Airport intends to make a
partial takeover offer for 39.53% of the total issued ordinary shares of
Auckland Airport at an offer price of $3.6555 per share.


06/12/2007 TAKEOVER
Auckland International Airport Limited (Auckland Airport) has been requested
by Canada Pension Plan Investment Board (CPPIB) to make the following
announcement in connection with the proposed amalgamation referred to in its
Notice of Intention to make a Partial Takeover Offer dated 16 November 2007:

"CPPIB has decided to make a change to the indicative terms of the stapled
securities that would be issued under its proposed amalgamation structure to
modify the weighting of the convertible note and ordinary share components of
the stapled securities.

It is now CPPIB's intention that each stapled security would consist of:

- an ordinary share issued with a face value of $0.7055;
- a convertible note issued with a face value of $2.75.

[waikare]

Can't agree with that, Placebo.
Sky City directors have given up on the company and encouraged a low ball bid by putting SKC on the market.
If they can't see a future they should stand aside for some who can.

I'am with you on this Macduffy, an odd lot these directors of SKC, while in the process of selecting a new CEO they are asking, "any one want to buy this" last chance before Christmas. What's this telling him / her whoever gets the job.

[Placebo]

Come on Toddy, be reasonable. My house is so amazing I have had to hire security to beat off the bidders with a stick.

You also forgot the Trade Me option. I think Tana Umaga's handbag would get more offers, though.