A Takeovers Panel ruling means brokers will not be paid fees for clients votes on whether to accept the partial takeover offer by the Canada Pension Plan Investment Board for Auckland Airport.
The fee may now only be paid when shareholders meet the one step of CPPIB's requirementin a successful bid, acceptance to sell their own shares.
Last month Auckland Airport offered to match the CPPIB offer on the vote - if shareholders elected to oppose it - leading critics to claim there would develop an unsavoury bidding war for the hearts and minds of brokers.
Because it is a partial takeover offer, shareholders are required to make two decisions; whether to sell their shares into the offer, and whether to vote for or against CPPIB becoming a 40 per cent shareholder.
Only a majority vote from those who respond in favour of the second question will allow CPPIB to complete the deal.
While Auckland Airport yesterday announced it would withdraw its offer to pay the fee, between $50 and $750, it said it would pay up in connection with forms voting to oppose the offer lodged on or before yesterday.
Auckland Airport chairman Tony Frankham said the December 17 decision to pay the fee, was done to ensure that brokers were not "improperly incentivised" in either direction in relation to the vote.
The CPPIB has bid for the 39.53 per cent of the Auckland Airport at $3.6555 per share, an offer the airport board opposes. The offer is open until March 13.
