The Canada Pension Plan (CPP) Investment Board has made formal cash offers to acquire Macquarie Communications Infrastructure Group (MCG) stapled securities for $2.50 per security – a 134 per cent premium to the three-month average trading price.
While the offer is subject to shareholder approval, MCG has entered into a scheme implementation agreement with the CPP Investment Board in relation to the offer, the group’s statement to the Australian Securities Exchange said.
A statement from Macquarie Group said the price of $2.50 per security represents a 67 per cent premium to the last closing price of MCG stapled securities and a 134 per cent premium to the three-month average trading price (based on volume weighted average price).
The independent directors of MCG have unanimously recommended that MCG shareholders vote in favour of the offer. If approved, the deal would see the CPP Investment Board acquire MCG’s manager, Macquarie Communications Infrastructure Management, by way of a separate offer, along with the latter’s 18 per cent holding in MCG stapled securities.
