News: SYD Sydney Airport Says Indicative Takeover Proposal Not In Best Interests Of Shareholders

July 15 (Reuters) - Sydney Airport Holdings Pty Ltd (SYD) :

• INDICATIVE PROPOSAL NOT IN BEST INTERESTS OF SECURITYHOLDERS
• CONCLUDES THAT INDICATIVE PROPOSAL TO ACQUIRE SYDNEY AIRPORT NOT IN BEST INTERESTS OF SECURITYHOLDERS
• UNANIMOUSLY CONCLUDED THAT INDICATIVE PROPOSAL UNDERVALUES SYDNEY AIRPORT AND IS NOT IN BEST INTERESTS OF SECURITYHOLDERS
• OPPORTUNISTIC TIMING OF INDICATIVE PROPOSAL GIVEN SIGNIFICANT IMPACT OF COVID-19 PANDEMIC ON SYDNEY AIRPORT'S PERFORMANCE
• RECOGNISE THAT SECURITY PRICE IS LIKELY TO TRADE BELOW CONSORTIUM PROPOSAL'S INDICATIVE PRICE IN SHORT TERM
• WILL ONLY PROGRESS CHANGE IN CONTROL TRANSACTION ON TERMS THAT RECOGNISE LONG TERM VALUE FOR SECURITYHOLDERS
• INDICATIVE PRICE IS BELOW WHERE SYDNEY AIRPORT'S SECURITY PRICE TRADED BEFORE PANDEMIC
• SIGNIFICANT VALUE OF LAND ASSETS & POTENTIAL TO CREATE EXTRA VALUE VIA DEVELOPMENT OF ON-AIRPORT COMMERCIAL PROPERTY OPPORTUNITIES