The Board of Directors of Copenhagen Airports (CPH) yesterday recommended a $2.5bn majority share takeover bid for the airports company from Macquarie Airports, one of the world's largest airport owners and managers. It has a
diverse portfolio with significant investments in 6 airports. Macquarie, which already has large stakes in the airports of Brussels, Rome, Sydney, Copenhagen, Birmingham and Bristol, announced that it had acquired an 11.3% stake in CPH last February, following the removal of regulations that prevented any shareholder apart from the government from holding more than 10% of the company. The government presently holds a 39.2% stake in CPH, but it is not clear whether it will sell or not. But majority ownership is not dependent on this.
CPH and Macquarie Airports is holding a conference for financial analysts, investors and the press at the airport this morning, where CPH Chairman Henrik Gurtler and Ceo Niels Boserup, Macquarie's Ceo Kerrie Mather will be present.
In its offer Macquarie has valued the company at $2.5bn. It is offering DK.2.000 ($321) per share for the company that manages the largest airport in Scandinavia as well as Roskilde Airport and has large stakes in airports in China (Hainan), Britain and Mexico. The price represents a 31% premium to Copenhagen Airports' closing price on October 21. In a separate statement, the Board of Copenhagen Airports said it unanimously recommended the deal, which is conditional upon acquiring 50% of shares and votes by December 9 this year.
‘The offer represents an attractive multiple of both earnings and cash flow and is at a premium to the publicly traded comparable western European airport companies,’ the airport company said.