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Macquarie Communications says takeover approved

Macquarie Communications says takeover approved

Australia's Macquarie Communications Infrastructure Group stockholders on Tuesday voted in favor of the Canada Pension Plan Investment Board's 2.2 billion Australian dollars ($1.8 billion) takeover bid.
The vote came a day after MCG, which owns and operates broadcast infrastructure in Australia and Britain including radio and television transmission towers, announced that the Canadian investor's bid had the necessary regulatory approvals.
Stockholders met in Sydney on Tuesday to vote on the proposal, with proxy votes alone meeting the requirements for its approval.
The takeover now needs the approvals of courts in Australia and Bermuda, where an MCG company is incorporated.
Hearings are set for the Supreme Court of Bermuda on Thursday and the New South Wales state Supreme Court in Sydney on Friday.
CPPIB is one of Canada's largest institutional investors and has extensive interests in infrastructure.


Updated : 2021-03-06 19:35 GMT+08:00