AUSTRALIA/DENMARK. Macquarie Airports (MAp) today announced a recommended cash tender offer for Copenhagen Airports (CPH).
The Board of Directors of CPH has unanimously recommended the offer, which is based on a price of DKK 2,000 (US$320) per share in cash. MAp already owns a 14.7% stake in CPH.
CPH owns 100% of Copenhagen and Roskilde Airports in Denmark as well as stakes in several international airports. The Danish government owns around 39% of CPH but has indicated again today that it is unwilling to sell that holding.
The offer represents a premium of +31% to CPH’s volume weighted average share price on 21 October 2005. It expires on 9 December and is conditional on the acceptances of more than 50% of CPH’s issued shares.
Map Chief Executive Officer Kerrie Mather said: “Our offer should be highly attractive to the shareholders of Copenhagen Airports, fully reflecting the quality of Copenhagen Airports’ businesses and its experienced and highly-regarded management team.
“The price is fully in line with other recent and comparable airport transactions as well as the
pricing of other tender offers in the Danish market generally.”
In addition, two leading Danish Institutions, LD and PFA, representing 3.0% of CPH’s issued shares, have irrevocably undertaken to accept the offer in respect of their entire shareholdings.
Henrik Gürtler, Chairman of the Board of Directors of CPH, said: “A combination of Macquarie Airports and Copenhagen Airports will bring together one of the world’s leading airport investors with one of the world’s most respected airport operators. Macquarie Airports is an experienced and responsible long term investor with substantial airport expertise and I am convinced that Copenhagen Airports will benefit from an active and professional partnership with Macquarie Airports.”
Map said the tender offer reflects the group’s investment strategy: to focus on acquiring
significant shareholdings in selected high quality airports.
In related news CPH announced today it was no longer appropriate to continue participating in the revised Budapest Airport privatisation process. Macquarie is one of the leading candidates in a hotly-contest contest for Budapest.
MORE STORIES ON MACQUARIE AIRPORTS
Macquarie reports positive traffic results for August – 20/09/05
Copenhagen Airports, BAA/Wallis, Fraport, Hochtief, Macquarie short-listed for Budapest – 26/08/05
Macquarie’s Mather unveils ‘solid growth’ across airport portfolio – 22/08/05
