Canada's second-largest pension fund showed renewed determination to secure a stake in Auckland Airport on Wednesday when it defied a board rejection of its proposals by making a direct appeal to the New Zealand group's shareholders.

Canada Pension Plan Investment Board (CPPIB) said it would make a partial cash takeover offer for up to 40 percent of Auckland International Airport at a price of NZ$3.6555 a share.
At least 10 bidders have circled Auckland Airport over the last six months, attracted by the group's strong market position and opportunities to expand the business as a regional hub. In September the New Zealand airport group turned down a bid from Dubai Aerospace Enterprise for a 51-60 percent stake.
Last month, Auckland Airport abandoned talks over a proposal for CPPIB to acquire a 39-49 percent stake after disagreements among its non-executive directors.
Auckland Airport's board urged shareholders not take any action on CPPIB's hostile move until further details of the proposal were known and evaluated.
CPPIB said it had received ""strong encouragement"" from Auckland airport shareholders in recent days and that its offer reflected a 63 percent premium to the six-month pre-takeover speculation price of its target's shares.
The pension fund said its preferred course of action was for the board to put its proposal in front of its shareholders.
(Source: Financial Times)