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Sydney Airport Rejects $16.6 Billion Takeover Bid as Too Low

  • Offer is ‘opportunistic’ given Covid-19 hit, company says
  • Airport is well positioned to recover in post-pandemic period
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Sydney Airport Rejects $16.6 Billion Takeover Bid
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Sydney Airport rejected a A$22.3 billion ($16.6 billion) takeover offer from a group of infrastructure investors as too low, saying Australia’s busiest airport is well placed to recover from the pandemic.

While the A$8.25 a share offer from a group of pension funds led by IFM Investors was pitched at a 42% premium to Sydney Airport’s share price, it was below where the stock was trading at before the pandemic crushed global aviation. Australia’s borders have mostly been shut since March 2020, and are unlikely to open before mid-2022.