Sydney Airport Rejects Sweetened $16.8 Billion Takeover Bid

Angus Whitley
·1 min read

(Bloomberg) -- Sydney Airport rejected as too low a sweetened takeover offer of A$22.8 billion ($16.8 billion) from a group of suitors that includes IFM Investors.

The offer was A$8.45 a share, up from an initial bid of A$8.25, the airport said in a statement Monday. The latest offer remains “opportunistic in light of the Covid-19 pandemic,” Sydney Airport said.

The airport, which has been hammered by coronavirus restrictions, last month rejected the consortium’s opening bid as too low. On Monday, Sydney Airport said Australia’s accelerating vaccination rollout in recent weeks offers a pathway to a resumption in travel.

Read more: Sydney Airport Bid Rejection Shows Covid Deals Can Be Tricky

Still, the airport left room for discussions over a deal. It said it’s “open to engaging” with the consortium if it’s prepared to raise its offer “to appropriately recognize long-term value.”

AustralianSuper Pty has joined the bidding group, according to Monday’s statement.

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