Improved US$17bn takeover bid accepted by Sydney Airport board

LinkedIn +

Sydney Airport in Australia has accepted an improved bid from the Sydney Aviation Alliance consortium for 100% of shares at A$8.75 (US$6.44) per stapled security.

This will be the third takeover attempt by the consortium following an initial bid of A$8.25 (US$6.07) per stapled security on July 5, 2021, and a revised indicative proposal of A$8.45 (US$6.21) per share as announced on August 16, 2021, both of which were determined not to be in the best interests of Sydney Airport shareholders. The latest bid is reported to be worth an estimated A$23.6bn (US$17.4bn) in total.

The Sydney Airport board has now granted the consortium the opportunity to conduct due diligence on a non-exclusive basis to enable it to put forward a binding proposal. That due diligence is expected to take four weeks from entry into a non-disclosure agreement.

Should all conditions be met then the board will unanimously recommend that securityholders vote in favor of the proposal in the absence of a superior proposal and subject to an independent expert concluding that the proposed transaction is in the best interests of Sydney Airport securityholders.

Share this story:

About Author

mm
, editor

Dan originally joined Passenger Terminal World in 2014 having spent the early years of his career in the recruitment industry. As online editor, he now produces daily content for the website and supports the editor with the publication of each exciting new issue. When he’s not reporting on the latest aviation news, Dan can be found on the golf course or apprehensively planning his next DIY project.

Comments are closed.