ASUR's Board of Directors Receives Indicative Proposal From Fernando Chico Pardo to Acquire 42.65% of ASUR's Capital Stock
March 30 2007 - 10:00AM
PR Newswire (US)
MEXICO CITY, March 30 /PRNewswire-FirstCall/ -- Grupo Aeroportuario
del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), the
first privatized Mexican airport group and the operator of Cancun
International Airport and eight other airports in southeastern
Mexico, announced today that its chairman and interim CEO,
delivered an indicative proposal (the "Indicative Proposal") to
ASUR's board of directors. The Indicative Proposal sets forth
proposed terms for the acquisition of shares representing 42.65% of
ASUR's capital stock through a tender offer. The Indicative
Proposal delivered to the board states that it is not an offer and
merely presents the terms under which Mr. Chico Pardo would be
prepared to proceed with a tender offer. The Indicative Proposal
indicates that the proposed tender offer would be made
simultaneously in Mexico and the United States. If the tender offer
proposed in the Indicative Proposal is successfully completed, Mr.
Chico Pardo would beneficially own 54% of the capital stock of
ASUR, including his indirect ownership through Inversiones y
Tecnicas Aeroportuarias, S.A. de C.V. ITA. Terms of Indicative
Proposal: Subject to the conditions described below, the Indicative
Proposal sets forth an offer price of Ps. 56.00 per series B share
and of the US dollar equivalent of Ps. 560 for each ADS (each ADS
represents 10 series B shares). The Indicative Proposal states that
the offer price represents a 15% premium over the one month volume
weighted average price of the series B shares on the Mexican Stock
Exchange as of Wednesday, March 28, 2007, the last day of trading
prior to the date of the Indicative Proposal. According to the
Indicative Proposal, the offer would be made through a special
purpose vehicle ("SPV") wholly owned by Mr. Chico Pardo. The
Indicative Proposal indicates that the SPV would be funded through
a combination of debt, commitments for which have been obtained,
and equity. Currently, ("ITA") owns 15% of ASUR's capital stock in
the form of series BB shares. Mr. Chico Pardo owns 51% of ITA, with
the remaining 49% owned by Copenhagen Airports A/S ("Copenhagen
Airports "). The Indicative Proposal provides that upon the
successful completion of the offer, ITA would spin off a newly
created company holding 7.35% of ASUR's capital stock in the form
of series B shares (resulting from the conversion of series BB
shares representing such 7.35% of ASUR's capital stock). The
Indicative Proposal provides that Copenhagen Airports has agreed to
transfer to Mr. Chico Pardo its interest in the spun-off company
holding these newly created series B shares. Following such
spin-off, ITA would own series BB shares representing 7.65% of
ASUR's capital stock. According to the Indicative Proposal, upon
the successful completion of the offer, Mr. Chico Pardo would have
sole beneficial ownership of 50% plus an additional share of ASUR's
capital stock, without counting his shared indirect beneficial
ownership of series BB shares owned by ITA, representing 7.65% of
ASUR's capital stock. The remaining 42.35% of ASUR's capital stock
would remain publicly held through the New York Stock Exchange and
the Mexican Stock Exchange. The Indicative Proposal further
provides that Copenhagen Airports has expressed to Mr. Chico Pardo
that it intends to tender the series B shares it currently owns
(representing 2.5% of ASUR's capital stock) in the offer.
Conditions of the Offer: The Indicative Proposal provides that the
offer is subject, inter alia, to the following conditions: *
Approval by the Mexican Ministry of Communications and
Transportation of Mr. Chico Pardo's ownership of more than 35% of
ASUR's capital stock * Approval of the offer by the Mexican
National Banking and Securities Commission * Approval of the offer
by the Mexican Federal Competition Commission * Approval of the
offer by ASUR's board of directors * Transfer of shares
representing 42.65% of ASUR's capital stock in the offer Mr. Chico
Pardo's Reasons for the Offer and Future Plans: The Indicative
Proposal states that Mr. Chico Pardo is making the offer to
increase his equity stake in ASUR and consolidate his control over
the company; that he is not planning any significant changes to the
current operations or management of ASUR; and that the technical
assistance agreement between ASUR and ITA would continue to be in
effect following the successful completion of the offer. Special
Considerations: Mr. Chico Pardo states in the Indicative Proposal
that due to his role as chairman and interim CEO of ASUR, he and
his representatives would abstain from any deliberation or voting
involving the offer at meetings of ASUR's board of directors. About
ASUR: Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a
Mexican airport operator with concessions to operate, maintain and
develop the airports of Cancun, Merida, Cozumel, Villahermosa,
Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the
southeast of Mexico. The Company is listed both on the Mexican
Bolsa, where it trades under the symbol ASUR, and on the NYSE in
the U.S., where it trades under the symbol ASR. One ADS represents
ten (10) series B shares. Some of the statements contained in this
press release discuss future expectations or state other
forward-looking information. Those statements are subject to risks
identified in this press release and in ASUR's filings with the
SEC. Actual developments could differ significantly from those
contemplated in these forward-looking statements. The
forward-looking information is based on various factors and was
derived using numerous assumptions. Our forward-looking statements
speak only as of the date they are made and, except as may be
required by applicable law, we do not have an obligation to update
or revise them, whether as a result of new information, future or
otherwise. DATASOURCE: Grupo Aeroportuario del Sureste, S.A.B. de
C.V. CONTACT: Lic. Adolfo Castro, ASUR, (52) 55-5284-0408, ; or
Maura Gedid, +1-646-452-2335, , or Susan Borinelli,
+1-646-452-2333, , both of Breakstone Group, for Grupo
Aeroportuario del Sureste, S.A.B. de C.V.
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