Dubai Aerospace bids for control of Auckland Airport
Tuesday, 24 July 2007
WELLINGTON, July 23 (AFP): The board of Auckland International Airport said Monday it was recommending a bid by Dubai Aerospace Enterprise to take control of the company that runs New Zealand's largest air hub.
Dubai Aerospace is proposing to buy between 51 per cent and 60 per cent of the New Zealand firm under the deal, airport directors said, which values the business at 5.6 billion dollars (4.4 billion US).
If accepted, shareholders would receive up to 3.80 dollars a share, the airport directors said, a premium of 55.9 per cent to the average trading price over the month to May 5, when takeover speculation began.
By late Monday morning, Auckland International Airport (AIA) shares were up 11 cents at 3.42 dollars on the New Zealand stock exchange, after reaching a high of 3.46.
Dubai Aerospace is proposing to buy between 51 per cent and 60 per cent of the New Zealand firm under the deal, airport directors said, which values the business at 5.6 billion dollars (4.4 billion US).
If accepted, shareholders would receive up to 3.80 dollars a share, the airport directors said, a premium of 55.9 per cent to the average trading price over the month to May 5, when takeover speculation began.
By late Monday morning, Auckland International Airport (AIA) shares were up 11 cents at 3.42 dollars on the New Zealand stock exchange, after reaching a high of 3.46.