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Sydney Airport maintains intention to recommend sweetened $17.5 billion buyout offer By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A crowd walks through Sydney Airport’s Domestic Terminal in Sydney (Australia), December 21, 2020. REUTERS/Loren Elliott

(Reuters) – Sydney Airport Holding Pty Ltd stated its intention to encourage securityholders vote for a takeover offer of A$23.6 billion ($17.50 Billion) from an infrastructure investor. The due diligence period, which lasted four weeks, has ended.

After sweetening their takeover offer by A$23.6 million ($17.4billion), the September sale of Australia’s largest airport was closer.

Sydney Airport added https://assets.ctfassets.net/v228i5y5k0x4/2Zi2egAxmFL8IqxwpAglTR/c1924370e80f994b47590170340722bf/Consortium_Proposal_Update.pdf on Monday that it continued to negotiate the relevant transaction documents with a view to the parties seeking their respective internal approvals over the coming weeks.

By 0251 GMT, shares in Australia’s most important airport operator had fallen nearly 1% to A$8.29, despite having risen 44% over the period since July when they received their first buyout proposal.

SAA is comprised Australian investors IFM Investors QSuper and AustralianSuper as well as U.S.-based Global Infrastructure Partners.

A report from an independent expert, shareholder approval, and clearance from both the Foreign Investment Review Board (competition regulator) are required for the transaction to be approved. It can typically take several months.

($1 = 1.3483 Australian dollars)

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