Grupo Aeroportuario del Pacifico SAB, the airport operator battling a takeover attempt by Grupo Mexico SAB, said audit-committee members Ernesto Vega Velasco and Jose Manuel Rincon Gallardo resigned.
The company will begin proceedings to appoint new board members, the airport operator said yesterday in a statement. The board members couldn’t be reached for comment.
Aeroportuario del Pacifico is asking Mexican courts to block Grupo Mexico’s offer to buy all of its outstanding shares. Grupo Mexico, the nation’s biggest mining company, owns a 23 percent stake in the airport operator and is challenging a bylaw that says its ownership must be limited to 10 percent.
Vega Velasco and Rincon Gallardo were two of the three members of the Guadalajara, Mexico-based airport operator’s audit committee, according to the company’s website. The third is Carlos Bravo Almenar.
Aeroportuario del Pacifico fell 67 centavos, or 1.4 percent, to 47.01 pesos at 4:10 p.m. New York time in Mexico City trading. The shares have fallen 6.6 percent this year.
Both of the resigning members had served on the board since 2006, the year the airport operator had its initial public offering in Mexico and the U.S. Vega Velasco, 73, is a former chairman and current audit-committee member on the board of Wal- Mart de Mexico SAB. Rincon Gallardo is a member of the Cemex SAB board’s audit committee and was listed as 68 years old in a June 16 filing.
The board members didn’t provide a reason for their departure in their resignation letter, Miguel Aliaga, a spokesman for Aeroportuario del Pacifico, said today in an e- mail.
Grupo Mexico isn’t interested in operating Aeroportuario del Pacifico and wouldn’t necessarily buy all outstanding shares, Chief Financial Officer Daniel Muniz said yesterday in a conference call. Mexican rules require it to make an offer for all shares of the company if it’s attempting to buy a majority of shares, he said.
Aeroportuario del Pacifico operates 12 airports in Mexican cities including Guadalajara, Tijuana and Puerto Vallarta.
Mexico’s securities commission has ruled that the airport operator’s 10 percent limit on shareholder’s stakes should be modified to comply with the law, Grupo Mexico said last week in an earnings report. Aeroportuario del Pacifico board members who act to block the offer are acting against the interests of minority shareholders, the Mexico City-based company said.
A Mexican court upheld an injunction barring the securities commission from issuing a decision on Grupo Mexico’s offer until the court can rule on Aeroportuario del Pacifico’s request for constitutional protection, the airport operator said today in a statement.
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