Sydney Airport Holdings Pty Ltd said on Monday it has granted a consortium of infrastructure investors access to due diligence after the group boosted a takeover proposal by 3.6% to A$23.6 billion ($17.4 billion).
The improved offer of A$8.75 a share follows prior proposals from the consortium pitched at A$8.45 and A$8.25, both of which were rejected by the airport operator's board as inadequate.Sydney Airport shares last closed at A$8.00 on Friday, before the increased offer price was announced.
Record-low interest rates have prompted pension funds and their investment managers to chase higher yields. If SAA makes an acceptable binding proposal, the current intention is for the board to recommend it in the absence of a superior offer, the airport operator added. The deal will require an independent expert's report, approval from 75% of shareholders and a green light from the competition regulator and the Foreign Investment Review Board, in a process that typically takes months to complete.
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