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Air New Zealand has decided to buy back three per cent of its ordinary shares because it believes the market was undervaluing its stock.
Bakers and Bells help Kiwi buy-back fly
Deal: On-market share buyback on the ASX
Area: Corporate
Value: Undisclosed
Key players: The Baker & McKenzie team was led by partner Ben McLaughlin (pictured) and associate Candice Heggelund
Deal significance: The airline’s board decided to buy back three per cent of its ordinary shares (being more than 33 million ordinary shares), believing the market was undervaluing its stock. The Crown, which holds 73.09 per cent of Air New Zealand’s ordinary shares, has advised Air New Zealand that it will not participate as a seller into the share buyback. The value of shares in Air New Zealand has increased 13 per cent since the deal was announced. The share buyback may continue until 27 September 2013.
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