Just when you thought interest in Auckland International Airport was limited to Dubai Aerospace and a Canadian Pension Plan, a mysterious new bidder has suddenly emerged out of nowhere.
Airport directors today dropped the bombshell that they have signed a confidentiality deed with an "international party interested in
the company".
The announcement comes a week after the Canada Pension Plan Investment Board (CPPIB) opened its $3.6555 a share bid to take its stake in the nation's busiest airport.
The unnamed party has been given clearance to do "preliminary" due diligence on the company and Canada Pension Plan Investment Board (CPPIB) has given the airport permission to seek other proposals while its offer to shareholders is open, Auckland Airport said in a statement.
Auckland Airport directors this week advised investors to reject CPPIB's $3.65 a share bid for 39.53 per cent of the company it doesn't already own.
The Auckland Airport board plans to start "a new process early in 2008 to seek a partner who better meets the criteria established by the board," chairman Tony Frankham said.
"However, the directors consider that the outcome of this process will not be known until well after the CPPIB takeover closes on 13 March."
Frankham was keeping mum about the identity of the mystery bidder, but said the party in today's announcement had initially expressed an interest when the board asked its financial advisors to seek any other takeover offers in November.
Auckland Airport will keep the market informed of any significant developments with that party or any other party should they come forward, Mr Frankham said.
Auckland Airport shares rose 11 cents to $2.83 in early trade today, after closing at $2.72 yesterday.
- additional reporting by NZPA and nzherald.co.nz staff
