The Canadians seeking 40% of Auckland International Airport (AIA) had taken their stake to 26.22% as of yesterday, with just one day remaining until their offer closes.
As of 5pm yesterday, the holders of 320,424,445 shares had accepted the Canadian Pension Plan Investment Board's (CPP) offer of $3.60 a share.
The bid received a boost on Tuesday when infrastructure investor Infratil announced it would sell its 3.3% stake in AIA, prompted by CPP's decision to restrict its voting rights to 24.9%, which, in turn, was in response to the Government's tightening of overseas investment rules.
CPP not only needs to get 40% of AIA shares, but also a majority vote from shareholders for the bid to proceed.
CPP also said it had 20.77% of shareholder votes. Infratil has said it would vote in favour and yesterday the infrastructure company gave an assurance that chief executive Lloyd Morrison, who is also a director of Auckland Airport, took no part in the decision to sell the shares to CPP.
Key shareholder Manukau City, which has 10.04% of AIA, has rejected the offer and Auckland City, which has 12.74%, was deciding at a meeting late yesterday.
