Sydney Airport rejects second, $16.8 bln buyout bid


Sydney Airport Holdings Pty Ltd said on Monday it had rejected a second, higher bid from a group of infrastructure investors that valued it at A$22.80 billion ($16.81 billion). ($1 = 1.3565 Australian dollars)

SYDNEY: Sydney Airport Holdings Pty Ltd on Monday rejected a second bid from a group of infrastructure investors worth A$22.80 billion ($16.81 billion) as undervaluing the airport operator, but said it was open to a higher offer.

The new offer valued the company at A$8.45 per share, 2.4% higher than the previous offer of A$8.25 a share, and a more than 9% premium to the stock's Friday close.

The rejection comes a month after the airport operator turned down an initial bid from the Sydney Aviation Alliance, a consortium of IFM Investors, QSuper and Global Infrastructure Partners.

The board was open to engaging with the Sydney Aviation Alliance if the consortium lifts its indicative price "to appropriately recognise long term value for Sydney Airport securityholders," it said in a statement.

A takeover of Sydney Airport would be among the largest buyouts ever of an Australian firm and underline a year of stellar deal activity, that has already seen a mega $29 billion buyout of Afterpay by Square. ($1 = 1.3565 Australian dollars)

- Reuters
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Sydney , airport , rejects , second bid ,

   

Next In Business News

Ringgit opens slightly higher against greenback
Quick take: Glove stocks jump amid spread of new Covid variant
Trading ideas: Brem, IGB, Malakoff, AMMB, Alliance Bank, IOI Properties
Bursa falls into red, gloves in focus as new Covid strain spreads
Foreign investors turn net sellers on Bursa amid soft market sentiment
Business summary from Nov 22-28
GLOBAL MARKETS-Stocks, oil regain some composure after Omicron battering
Telekom, Vodafone, others want U.S. tech giants to help fund network costs
Fashion world grieves after death of Louis Vuitton's Virgil Abloh
Australia's reopening plans in doubt after Omicron cases

Others Also Read


Vouchers