Dubai plans to trump bid with ‘big cash offer’
A report in The Dominion Post says that Dubai Aerospace Enterprise does not intend to abandon its bid for Auckland International Airport, and instead wants to make a cash offer if it succeeds in killing its existing proposal, a well-placed source says.
The decision to take an aggressive approach to scuttle the deal, rather than waiting for shareholders to vote it down in November, was strategic.
It would be in the interest of Manukau and Auckland city councils to drive the share price as high as possible in anticipation of a new DAE offer which they could be powerless to stop, the source said.
The higher the price, the easier would be a deal with the councils.
“DAE are not looking for a way to get out of the bidding … They are looking for a way to get rid of the existing arrangement so that they are in a position to exercise other options.”
An option was for DAE to spend $2.2 billion in a cash offer for 50.1 per cent of the airport, at $3.60.
Such an offer would not need 75 per cent shareholder approval, sidelining opponents.
DAE would put money into the business; rival proposals would gear up the balance sheet.
Report by The Mole
John Alwyn-Jones
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