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BRIEF-Infratil Rejects AustralianSuper Takeover Proposal

Published 09/12/2020, 06:37 am
Updated 09/12/2020, 06:42 am
© Reuters.
IFT
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Dec 9 (Reuters) - Infratil Ltd IFT.NZ :

* AWARE THAT AUSTRALIANSUPER PTY LTD, AS TRUSTEE OF AUSTRALIANSUPER PUBLICLY ANNOUNCED ITS INTEREST IN ACQUIRING 100% OF IFT

* IFT BOARD WILL CONSIDER ANY PROPOSAL TO MAXIMISE SHAREHOLDER VALUE

* GIVEN SIGNIFICANT DEFICIENCIES IN PROPOSAL, NO FURTHER ENGAGEMENT IS PLANNED AT THIS TIME

* REVISED PROPOSAL CONFIRMED BY AUSTRALIANSUPER ON DEC 8 IMPLIES A TOTAL OFFER VALUE OF NZ$7.43 PER IFT SHARE

* NO FURTHER ENGAGEMENT IS PLANNED AT THIS TIME

* "BOTH PROPOSALS WERE UNSOLICITED AND MATERIALLY UNDERVALUE OUR SIGNIFICANT RENEWABLE ENERGY AND DIGITAL INFRASTRUCTURE PLATFORMS"

* REVIEWED VALUATION AND PROPOSED STRUCTURE AND UNANIMOUSLY REJECTED BOTH PROPOSALS

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