- Bidder is a consortium of infrastructure investors
- Latest proposal is 3.6% higher than last one
- Non-exclusive due diligence expected to take 4 weeks
(Adds details of bidding consortium, due diligence terms, bidder statement)
SYDNEY, Sept 13 (Reuters) - Sydney Airport Holdings Pty Ltd (SYD) said on Monday it had granted a consortium of infrastructure investors access to due diligence after the group boosted a takeover proposal by 3.6% to A$23.6 billion ($17.37 billion).
The improved offer of A$8.75 a share compares to prior proposals from the consortium of A$8.45 and A$8.25 respectively, both of which had been rejected by the airport operator's board as inadequate.
Sydney Airport shares last closed at A$8.00 on Friday, before the increased offer price was announced.
The bidding consortium, Sydney Aviation Alliance (SAA), is comprised of Australian investors IFM Investors, QSuper and AustralianSuper and U.S.-based Global Infrastructure Partners.
SAA has been granted non-exclusive due diligence that is expected to take four weeks after signing a non-disclosure agreement, Sydney Airport said.
If SAA makes an acceptable binding proposal, the current intention is for the board to recommend it in the absence of a superior offer, the airport operator added.
A SAA spokesman said the consortium welcomed the announcement and looked forward to working with Sydney Airport's board to finalise the transaction. ($1 = 1.3587 Australian dollars)
- Forums
- ASX - By Stock
- SYD
- News: SYD UPDATE 1-Sydney Airport board to grant due diligence after improved $17.4 bln offer
News: SYD UPDATE 1-Sydney Airport board to grant due diligence after improved $17.4 bln offer
-
- There are more pages in this discussion • 25 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add SYD (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online