‘Mandatory offer’ to acquire Mauritius airline’s voting rights

Airport Holdings Ltd has expressed its “firm intention” to make a mandatory offer to the shareholders of Air Mauritius to acquire all the voting rights at a price of Rs 5.80 per share.

In a communique issued on the website of the Stock Exchange of Mauritius, AHL said the Mandatory Offer is the result of the acquisition, on October 13, of more than 9 million shares of Air Mauritius Holdings Ltd, previously held by the State Investment Corporation Limited and Rogers Co. Ltd.

The communique justifies the procedure by citing the Rule 33(1)(b) and (c) of the Securities (Takeover) Rules of 2010. The rules state that “if a person, either individually or together with a person acting in concert, acquire effective control of a company, that person shall make an offer in accordance with the Rules, on all voting shares…”

At the same time, Air Holdings reportedly indicated that it has sufficient financial resources to pay for the repurchase of the shares, “there is no prior agreement” between Airport Holdings and Air Mauritius Limited regarding these shares.

It emphasised, however, that the Mandatory Offer is “not subject to any conditions” and it will be made to the shareholders of Air Mauritius Limited “as soon as possible.”