The nation’s largest airline hub Sydney Airport (ASX:SYD)
slammed down the rubber duck stamp to reject the $22 billion takeover bid from a consortium of infrastructure investors.
The Sydney airport board said it was “not in the best interests of securityholders” and provided a raft of reasons why.
The rejection notice followed from their announcement last Monday, 5 July as investment managers of QSuper, IFM Investors and Global Infrastructure Management known as the Sydney Aviation Alliance approached the airport giant to lobby its bid.
The $30 billion enterprise value bid including debt was not attractive to the board after the consortium offered $8.25 share, a 42 per cent premium to the stock's closing price on 1 July.
The board believes the bid is “opportunistic” with the offer below the Sydney Airport share price pre-pandemic.
Shares in Sydney Airport (ASX:SYD)
are trading 0.1 per cent higher at $7.81.