Macquarie Communications purchase a step closer
The Canada Pension Plan (CPP) Investment Board is a step closer to acquiring all of the stapled securities of Macquarie Communications Infrastructure Group (MCG) following approval from the Foreign Investment Review Board (FIRB).
In addition, the CPP Investment Board has received confirmation from the United Kingdom Office of Fair Trading (OFT) that it will not refer the acquisition to the UK Competition Commission, according to MCG.
A MCG statement said satisfaction of the remaining conditions for the implementation of the scheme is in progress.
The offer is subject to shareholder approval, and MCG and CPP Investment Board are working towards meeting these conditions prior to or closely following the MCG shareholder vote at a meeting to be held on June 17, 2009.
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.
The Canada Pension Plan (CPP) Investment Board has made formal cash offers to acquire MCG stapled securities for $2.50 per security — a 134 per cent premium to the three-month average trading price.
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).
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