JAL rejects Macquarie's takeover bid for AGP shares

Japan Airlines (TSE:9201) announced its stance against the proposed takeover bid for AGP Corporation (Stock Code: 9377) by Macquarie Asia-Pacific Infrastructure Investments 4 Pte. Ltd. JAL, holding a substantial stake in AGP, stated it does not intend to tender its shares in the offer, which is priced at JPY2,015 per share. JAL emphasized its commitment to AGP's sustainable growth and long-term value enhancement, aligning with its social responsibilities. Moreover, Japan Airlines noted that other major shareholders, including Japan Airport Terminal Co., Ltd. and ANA Holdings Inc., collectively owning approximately 73.26% of AGP, also oppose the takeover. JAL highlights that Macquarie's offer has a condition that requires at least two-thirds of the voting rights of AGP shares need to be tendered for the bid to succeed, and based on its own shareholding and the opposition from other main shareholders, JAL believes that this condition will not be met.