from the afrSydney Airport rejects revised takeover offerWilliam...

from the afr

Sydney Airport rejects revised takeover offer

William McInnes

Sydney Airport has rejected a revised proposal from the Sydney Aviation Alliance which they say still undervalues the business.

The consortium made a revised offer of $8.45 a share after Sydney Airport rejected its initial $8.25 a share bid.

“The boards have unanimously concluded this that the revised indicative proposal continues to undervalue Sydney Airport and is not in the best interests of security holders,” said Sydney Airport in a statement.

“In coming to this conclusion, the current environment does not change the boards’ view of the long term value. The boards also note the rapid increase and acceleration in Australian vaccination rates in recent weeks and the governments’ plans to progressively ease restrictions as the population reaches vaccination targets, which will then see the re-opening of travel.”

Sydney Airport said it was opening to engaging with the consortium if they were prepared to lift their offer.