The two independent directors of Western Australian regional airline Skywest Ltd have approved a takeover bid by majority shareholder CaptiveVision Capital Ltd, after advisers PKF concluded the deal was 'fair and reasonable'.
The two independent directors of Western Australian regional airline Skywest Ltd have approved a takeover bid by majority shareholder CaptiveVision Capital Ltd, after advisers PKF concluded the deal was 'fair and reasonable'.
The Singapore-based CVC will offer 22.7 cents and 0.42 depositary interests in its AIM-listed parent company Advent Air Ltd for every Skywest share held.
Skywest directors Grant Pitman and Egidio Cianciosi have approved the sale, saying the offer represents a premium of 10.2 per cent to the value of the company's shares, based on their poor liquidity.
In an announcement to shareholders, the independent directors stated their belief that a competing takeover offer was unlikely.
CVC currently owns 74 per cent of Skywest shares, and has announced its intention to proceed to compulsory acquisition should it acquire a 90 per cent interest in the company.
The company is also to face a new competitor, with the addition of Queensland-based Alliance Airlines Ltd to the State's charter flights market.