Sydney Airport in Australia has rejected a revised takeover bid of A$22.8bn (US$16.6bn) from the Sydney Aviation Alliance consortium.
The proposal was for all stapled securities in Sydney Airport at an indicative price of A$8.45 (US$6.16) per share. The airport previously rejected a takeover bid on July 5, 2021, which had an indicative price of A$8.25 (US$6) per stapled security.
A statement by the airport board said that it felt the revised offer was still “opportunistic in light of the Covid-19 pandemic”. It also said that the airport was in a position of strength as it had “strengthened its balance sheet and tightly managed costs to maintain flexibility to respond to a range of recovery scenarios”.
While the board has rejected the current offer, it said that it was still open to “engaging with the Sydney Aviation Alliance should the consortium be prepared to lift its indicative price to appropriately recognized long-term value for Sydney Airport securityholders”.
