AUSTRALIA. A group of investors increased their offer to buy Sydney Airport to a new valuation of around 23.6 billion Australian dollars (17.35 billion US dollars). The airport’s board said it would recommend a sale unless there is a compelling alternative offer.
The Sydney Aviation Alliance released a revised indicative proposal of A $ 8.75 in cash per stapled security, down from A $ 8.25 on July 5, then raised to A $ 8.45 on August 16. The alliance includes IFM Investors, the QSuper pension fund and Global Infrastructure Management.
In response, the board of directors of Sydney Airport Holdings Pty Ltd said today: – Disclosure agreement on acceptable terms.
This due diligence is expected to take approximately four weeks. Should the consortium then make a firm offer for the price of AU $ 8.75 stated above, the board said its intention “is to unanimously recommend that holders of securities vote in favor of the consortium. absence of a superior proposition “.
Analysts commented today that a competing bid is unlikely to succeed given the scale of funding required as well as foreign ownership rules which mean Sydney Airport must remain 51% Australian owned. .
Sydney Airport Holdings’ share price rose 4.6% today to A $ 8.37. Just before the consortium’s initial approach in July, the shares were trading at A $ 5.81.