Australia’s biggest and busiest airport has received a surprise takeover offer after its market value was dented in the past year in the wake of the coronavirus pandemic.
The consortium of infrastructure investors’ offer of $8.25 cash for each Sydney Airport stapled security would be worth billions to security holders, if successful.
“The indicative proposal has been made during a global pandemic which has deeply affected the aviation industry and the Sydney Airport security price,” it said.
“The indicative price is below where Sydney Airport’s security price traded before the pandemic.”
Sydney Airport ended trading on Friday with a market capitalisation north of $15 billion, at $5.81 per security.
The boards of Sydney Airport, representing shareholders and unitholders, are examining the unsolicited offer.
“There is no certainty that the proposal will result in a transaction,” the boards said in a statement on Monday.
The consortium comprises trustees for Queensland super group QSuper, IFM Australian Infrastructure Fund, IFM Global Infrastructure Fund and US-based Global Infrastructure Management.