Sydney Airport (ASX:SYD)
granted due diligence to Sydney Aviation Alliance, after an upgraded take-over bid of $8.75 per share.
The consortium made up of IFM investors, Australian super and QSuper, made a revised non-binding proposal, following an initial bid of $8.25 per share share and its revised bid of $8.45 per share in August.
Sydney Airport noted that "after taking advice" its intends to grant the Consortium due diligence for another 4 weeks to put forward a binding offer on a non-exclusive basis. The binding offer is subject to no other offers being received, and the board recommend share holders accept the proposal.
Shares in Sydney Airport (ASX:SYD)
are trading 4.9 per cent higher at $8.39.