Sydney Airport Holdings Pty Ltd (SYD.AX) said on Thursday it would reject a A$22.26 billion ($16.6 billion) takeover proposal from a group of infrastructure funds, the biggest of a frenzy of Australian deals in reaction to record-low interest rates.
The Sydney Aviation Alliance - a consortium comprising IFM Investors, QSuper and Global Infrastructure Partners - last week offered A$8.25 per share, a 42% premium to pandemic-ravaged Sydney Airport's last trading price before the offer was made.Sydney Airport shares were flat in early trading at around A$7.80 on Thursday, indicating the market expects further negotiations between the parties.
"The board is obviously trying to play hardball, but we do think it's a pretty unique long-dated asset so we are supportive of their decision so far," Andy Forster, a portfolio manager at Argo Investments, a top-20 investor in the airport, told Reuters.The Australian government has a 49% cap on foreign ownership of airport operators. IFM, QSuper and UniSuper are Australian investors, while Global Infrastructure Partners is from the United States.
Australia's mandatory retirement savings system, known as superannuation, has assets of A$3.1 trillion, according to the Association of Superannuation Funds of Australia. If successful, the purchase would be one of Australia's largest by enterprise value in U.S. dollar terms, on par with the $22 billion purchase of mall operator Westfield Group by Unibail-Rodamco in 2017, Refinitiv data showed.
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