News: SYD UPDATE 1-Sydney Airport receives $16.74 bln buyout bid from consortium

(Adds details of proposal, share price)

July 5 (Reuters) - Australia's Sydney Airport Holdings Pty Ltd (SYD) said on Monday a consortium of investors has proposed to buyout the airport operator for A$22.26 billion ($16.74 billion).

The A$8.25 per share proposal represents a 42% premium to Sydney Airport's closing price on Friday. However, it is at discount to where the company's shares were trading in 2020 prior to COVID-19 lockdowns.

Sydney Airport said the consortium comprises IFM Investors, pension fund QSuper and Global Instructure Management.

The company noted that the offer is below its pre-pandemic share price, and said it reviewing the proposal.

IFM, QSuper and Global Infrasture did not immediately respond to a request for comment.

The airport operator has hired Barrenjoey and UBS as financial advisers. ($1 = 1.3294 Australian dollars)