Finance

Sydney Airport ASX shares spike after shock takeover bid

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.

Australia’s biggest and busiest airport has received a surprise takeover offer from a consortium. Credit: AAP

“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.

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