Power shortage

9 December 2020 By Jeffrey Goldfarb Follow @jgfarb

New Zealand infrastructure investor Infratil snubbed a $3.8 bln takeover bid from AustralianSuper. Its first solo acquisition target enjoys a solid negotiating position and Goldman on defence. For this to be more than a learning experience, it will have to dig deeper.

This content is for Subscribers only

Context News

New Zealand-based infrastructure investor Infratil on Dec. 9 rejected an unsolicited NZ$5.4 billion ($3.8 billion) takeover bid from Australia’s largest pension fund, AustralianSuper. The company said the proposal was too low and that it did not plan to engage any further with AustralianSuper.

Under terms of the offer, which represents a 22% premium to the price on Dec. 8, Infratil shareholders would receive NZ$7.43 a share – NZ$5.79 in cash and the rest from a share swap with Trustpower, a publicly traded New Zealand utility that Infratil controls. The exchange rate offered was 0.221 of a Trustpower share for each Infratil share.

Infratil said the latest offer, delivered on Nov. 27, improved on one submitted on Oct. 18 at NZ$6.40 a share.

Context News

Infratil said the latest offer, delivered on Nov. 27, improved on one submitted on Oct. 18 at NZ$6.40 a share.

Email a friend

Please complete the form below.

Required fields *