Official goodbye to Macquarie Communications

Security holders met in Sydney yesterday to vote on the proposal, with proxy votes alone meeting the requirements for its approval.

CPPIB is one of Canada's largest institutional investors and has extensive interests in infrastructure.

It originally offered MCG security holders $2.50 in cash for each stapled security after MCG (and Macquarie Group, its major influence) undertook a review of the company to seek ways to improve value for its security holders.

MCG owns and operates broadcast infrastructure in Australia and the UK including radio and television transmission towers for the ABC and SBS, as well as a number radio stations.

Earlier this month CPPIB lifted its offer to win the support of major MCG shareholders, giving security holders an extra capital distribution of 50 cents for each stapled security held if the transaction went ahead.

Under the offer, CPPIB is to acquire all the triple-stapled securities in MCG, other than those held by Macquarie Communications Infrastructure Management Ltd (MCIML), which would be separately acquired through an offer by CPPIB to acquire MCIML from the Macquarie Group.

The schemes of arrangement now require the approval of the NSW Supreme Court, with a hearing set for Friday, and the approval of the Supreme Court of Bermuda, with that hearing set for Thursday.

MCG shares were up one cent to $2.97