Auckland International Airport Limited (AIA)

[ratkin]

final total was 62.5% interestingly the superfund accepted the deal.

Ok , lets do the math. If 40 % meant we would have 100% of shares sold , what does 62.5% equate too?

Any one here work it out? had too many red wines last night , head too fuzzy to do the sums

[CJ]

Ok , lets do the math. If 40 % meant we would have 100% of shares sold , what does 62.5% equate too?

Pretty early in the moring but I would have though shares sold would be 39%/62.5% so just under 2/3 of shares.

Still dont understand why it went up. Say the deal goes ahead - There is now a new large "minority" holder which means there is no take over premium for the rest of your shares. Any shares bought now dont get the 3.65. So are they saying the company is worth 2.5 per share now (when two days ago when there was potential to get 3.65 for 2/3 of your shares, it was only worth 2.2)

[Toddy]

Pretty early in the moring but I would have though shares sold would be 39%/62.5% so just under 2/3 of shares.

Still dont understand why it went up. Say the deal goes ahead - There is now a new large "minority" holder which means there is no take over premium for the rest of your shares. Any shares bought now dont get the 3.65. So are they saying the company is worth 2.5 per share now (when two days ago when there was potential to get 3.65 for 2/3 of your shares, it was only worth 2.2)

The theory is that the institutions will have to rebalance their portfolios after the deal went through. Meaning that they would have to buy AIA stock back on market from a much smaller pool of shares pushing the price up.

[ratkin]

Assuming the canadian deal passes the vote where does that put the shareprice?

There would be a realistic chance of obtaining 3.65 for the majority of shares held. However im sure many would jump ship at around 3.00

[CJ]

The theory is that the institutions will have to rebalance their portfolios after the deal went through. Meaning that they would have to buy AIA stock back on market from a much smaller pool of shares pushing the price up.

mmm. didn't think of that.

Ratkin - who are you assuming will be buying in? If the Canadians succeed, they hold a blocking stake so no one else will try a takeover.

[ratkin]

Shareholders have today delivered a strong message to both local and central government with a clear 'Yes' vote to the option of the Canadian Pension Plan taking a 40 per cent stake in the nation's biggest airport.
57 per cent of shareholders were in favour of the bid. A majority was all that was needed.
The result of the vote was revealed by the NZX just before 8.30am today.

[CJ]

Shareholders have today delivered a strong message to both local and central government with a clear 'Yes' vote to the option of the Canadian Pension Plan taking a 40 per cent stake in the nation's biggest airport.
57 per cent of shareholders were in favour of the bid. A majority was all that was needed.
The result of the vote was revealed by the NZX just before 8.30am today.

looking at the numbers, over 20% of people didn't vote (that is a lot of Mum&Dad investors??). I wonder if those same people didn't accepted tha take over offer??

NZ superfund voted against cullen and for the canandians - good on them.
IFT disagreed with their boss, and didn't take his advice (as director of AIA) not to approve takeover - makes him look silly?

Where to for the shareprice for now. Subject to Govt approval, the canandians are in. A lot of shares tied up which cant be traded till the canandians release the final allocation.

[Zaphod]

AIA
14/03/2008
TAKEOVER

REL: 0827 HRS Auckland International Airport Limited

TAKEOVER: AIA: AKL Airport shareholders vote to approve CPPIB partial bid

CPPIB's partial takeover offer for Auckland Airport has been approved by a
majority of the company's shareholders who voted.

At the close of the offer period, being 5pm on Thursday 13 March, 973,962,269
shares (representing 79.7% of the total shares in the company) were voted by
shareholders, with 57.7% of those votes approving the CPPIB offer. These
results are subject to final confirmation which is expected by 9 am Monday 17
March.

Acceptances of the offer were lodged for 763,485,952 shares representing
62.5% of the total shares in Auckland Airport. Under its partial bid CPPIB
was seeking 39.2% of the shares in the company. These results are also
subject to final confirmation as acceptance forms post-marked before 5pm on
13 March can be counted as valid acceptances.

CPPIB has advised that it will provide final details on scal
ing once
acceptance levels have been finalised by the middle of next week. Shares in
excess of CPPIB's requirement under the offer will not be acquired and will
then become tradable.

Chairman of Auckland Airport, Tony Frankham, said the transaction requires
final approval from the Overseas Investment Office by 11 April in order to
become unconditional.

"Auckland Airport hopes that, in the interests of certainty and an informed
market, the government ministers concerned will announce their decision well
before this deadline.

If approval is not gained by this date, the offer will lapse and the shares
offered for sale will no longer be subject to the bid which means they will
be free to be traded as usual", he said.

Mr Frankham said the board remained focused on working in the long term
interests of the airport company and its shareholders.

- ends -

[tycoon_1]

even the nz super fund has accepted the offer. wouldnt government be biting its own leg if it says no to its own investment companys decision?

[Indy kiwi]

If people agreed to the deal and agreed to sell, are they committed to this? In other words, even though I agreed to both, can I sell on market at 3.00 or 3.20 or whatever?