Approval for Macquarie takeover

Source: Agencies | June 30, 2009, Tuesday |

Print Edition

AUSTRALIA'S Macquarie Communications Infrastructure Group said yesterday that the Canada Pension Plan Investment Board's takeover bid had received the final 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 (US$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 United States 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 today 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.

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Approval for Macquarie takeover

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