Alexa
  • Directory of Taiwan

Macquarie Communications says takeover approved

Macquarie Communications says takeover approved

Australia's Macquarie Communications Infrastructure Group said Monday the Canada Pension Plan Investment Board's takeover bid had received the last necessary regulatory approvals.
The Canadian investor is proposing to take control of MCG, which owns and operates broadcast infrastructure in Australia and Britain including radio and television transmission towers, for 2.2 billion Australian dollars ($1.8 billion).
MCG said CPPIB had received written consent to the change of ownership control of MCG's Broadcast Australia business from financial backer Ambac Assurance Corp.
The U.S. Federal Communications Commission also has granted the necessary regulatory approvals, MCG said.
The takeover now requires court and shareholder approval, with MCG shareholders to meet in Sydney on Tuesday to vote on the takeover.
Lazard Asset Management and Tyndall Investment Management, the second and third largest Macquarie Communications stockholders, have indicated they will support the Canadian offer.
Macquarie Group Ltd., Macquarie Communications' largest shareholder, is unable to vote on the takeover offer because it is involved in a separate transaction with CPPIB.
Macquarie Communications shares were up 2 cents to AU$2.97 Monday afternoon.


Updated : 2021-06-25 07:05 GMT+08:00