Japan Airport Terminal Co.'s (9706) stock rebounded today, after The Nikkei reported that the firm is looking to repurchase 21.9% of its outstanding shares (worth approximately USD 220 million), including the 19.9% stake held by Macquarie Group Ltd. of Australia. The TOB price of 1,000 yen is at a slight premium to the May 19th closing of 956 yen, but at a discount to the past 3 months average. Macquarie began buying the terminal operator's shares in 2007, prompting the Japanese government to consider the possibility of restricting foreign investment in airport-related companies. The share price peaked at 2840 yen in August 2007 and Macquarie's holding cost is reportedly at 2,289 yen per share.
Earlier this month, Macquarie Group reported AUD 2.5 billion (USD 1.8 billion) loss from the investments in real estate and infrastructure, though it still maintained an AUD 870 million (USD 650 million) profit for FY 2008 (ending March 2008).
May 20, 2009
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