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Macquarie Airports Launches Recommended Tender Offer for Copenhagen Airports - Release by Macquarie International Infrastructure Fund Limited's Investment in Macquarie Airports |
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26 October 2005 Macquarie Airports (MAp) today announced that it has launched a public tender offer (Tender Offer) for Københavns Lufthavne A/S (Copenhagen Airports or CPH). CPH is listed on the Copenhagen Stock Exchange. MAp is offering a price of DKK 2,000 per share in cash, implying an historic EV:EBITDA multiple of 10.2x1. The Board of Directors of CPH has unanimously recommended that shareholders accept the Tender Offer from MAp. The Tender Offer also has the support of CPH management. Macquarie Airports CEO, Ms Kerrie Mather, said “Copenhagen Airport is an outstanding airport. It has excellent facilities with capacity for further growth, as well as an outstanding management team. Copenhagen is the hub for Scandinavia and serves 19 million passengers each year. “Through this offer MAp is seeking to secure a majority shareholding in Copenhagen Airports at a price which creates value for MAp shareholders. The offer price implies an attractive historic EV:EBITDA multiple of 10.2x and the acquisition will be yield accretive,” Ms Mather said. “Copenhagen Airport is performing strongly. In 2004 traffic increased by 7.5% to 19 million passengers and traffic is up 3.9% YTD with growth accelerating in recent months. “Since our initial investment in Copenhagen Airports earlier this year, we have been increasingly impressed with the airport’s existing operations and its potential. We now own 14.7% of the company and, if this offer is successful, Copenhagen Airports will become our third largest airport investment and further cement MAp’s position as the world’s leading strategic airport investor,” Ms Mather said. Ms Mather said that the total funding required from MAp will be in the range of A$320-A$500m depending on the level of acceptances2. This will be funded by a 12 month bridge facility. The intention is to repay the bridge facility from the proceeds of a Security Purchase Plan and Dividend and Distribution Reinvestment Plan, both of which may be underwritten. Accordingly no equity placement or entitlement offer is envisaged. “We believe this offer is compelling for shareholders of CPH. The offer is priced at a 27% premium to the closing price of CPH prior to announcement of the offer3, and it has been unanimously recommended by the CPH Board. There are limited conditions attached to the offer, including achieving a minimum shareholding of more than 50% and relevant regulatory approvals,” Ms Mather said. The Danish State (State) currently holds a 39.2% interest in CPH. Completion of the Tender Offer is not dependent upon acceptance of the Tender Offer by the State. In discussions earlier in 2005, the State informed MAp that it did not wish to sell its shares. Key terms of Tender Offer
Offer timetable
Update on bid process for Budapest Airport On 26 August 2005, the Hungarian Privatisation and State Holding Company, ÁPV Rt., announced a short list of bidders in the privatisation of Budapest Airport Rt. MAp was included on the short list. On 29 September 2005, the Budapest Metropolitan Court issued a final decision that the call for tenders in the privatisation was void. Consequently, the Board of ÁPV Rt. withdrew the call for tenders. In a public statement on 20 October 2005, the ÁPV Rt. said that preparation of a new tender is underway and details will be announced following consultations with employee and union bodies. MAp will review the Tender details and documentation once it is released.
1 Based on an average entry price of DKK1,839 and MAp acquiring a 60.8% interest in CPH. For further information, contact:
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