Airport owner Macquarie Airports
(ASX:MAP) meeting for shareholders to vote on a proposal to internalise the company’s management is to go ahead today after a consortium called the Global Airports consortium decided to abandon its attempt to gain an injunction against the meeting.
According to a report in the Australian Financial Review, Global Airports Mike Fitzpatrick says the consortium’s decision was after considering the size of damages the Macquarie Airports indicated it would seek if the injunction were granted and the hostile attitude towards its proposal.
Global Airports proposed to takeover Macquarie Airports management rights for between $20 million and $100 million.
The Independent Board Committees of Macquarie Airports says it is pleased that security holders will now have the opportunity to vote on the internalisation proposal, and recommends security holders vote in favour of the internalisation.
Macquarie Airports posted profit of $2 billion in 2008.
