Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Sydney Airport Limited
  6. News
  7. Summary
    SYD   AU000000SYD9

SYDNEY AIRPORT LIMITED

(SYD)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Sydney Airport Rejects Consortium's Takeover Bid

07/14/2021 | 04:57pm EDT

By Mike Cherney

SYDNEY--Sydney Airport rejected a takeover bid from a consortium of infrastructure investors, saying the offer price is too low given the long-term value of Australia's biggest airport.

The consortium--which comprises Australian pension fund managers IFM Investors and QSuper as well as New York-based Global Infrastructure Partners--had offered 8.25 Australian dollars (US$6.18) per share for the airport, valuing it at nearly US$17 billion. That offer was at a significant premium to the recent closing price but below where the shares had traded before the coronavirus pandemic decimated global travel.

In rejecting the bid, Sydney Airport said the airport is one of Australia's most important infrastructure assets that serves as the gateway for many international travelers, and that it has a long-term concession lease and has historically delivered significant shareholder returns.

The airport also highlighted that the offer price was below the pre-pandemic price and that the airport would deliver growth again once the pandemic subsides.

"Sydney Airport is strongly positioned to deliver growth as vaccination rates increase and we move into the post-pandemic recovery period," the airport said, adding that its land assets also have the potential to create value in the long term.

Sydney Airport shares rose more than 30% to A$7.78 when the offer was announced earlier this month. Shares closed most recently at A$7.80.

Some investors previously said the offer was too low and that the consortium was taking advantage of the fact that the airport's shares had lagged the performance of some other publicly traded airports recently given Australia's strict border-closure policy during the pandemic. Health experts have credited the policy with limiting the spread of Covid-19 there, but the airport's international traffic remains down more than 90%.

Write to Mike Cherney at mike.cherney@wsj.com

(END) Dow Jones Newswires

07-14-21 1857ET

All news about SYDNEY AIRPORT LIMITED
12:00pGLOBAL MARKETS LIVE : Universal Music Group, China Evergrande, ENI, Prudential, ..
01:52aSYDNEY AIRPORT : Passenger Traffic Plunges 61% in August on COVID-19 Restriction..
MT
09/16CIMIC : Secures Construction Contract from Western Sydney International Airport
MT
09/13SYDNEY AIRPORT : Receives Improved Offer of over $17 Billion from Sydney Aviatio..
MT
09/13Aussie shares gain on boost from Sydney Airport, energy and materials stocks
RE
09/13Sydney Airport sale a step closer after improved $17.4 billion offer
RE
09/12NEWS HIGHLIGHTS : Top Company News of the Day
DJ
09/12Australian shares rise on Sydney Airport Holdings, energy stocks boost
RE
09/12Sydney Airport Intends to Recommend Revised A$23.6 Billion Takeover Offer
DJ
08/26Australia's wealth fund posts record return, positions for inflation
RE
More news
Analyst Recommendations on SYDNEY AIRPORT LIMITED
More recommendations
Financials
Sales 2021 589 M 427 M 427 M
Net income 2021 -295 M -214 M -214 M
Net Debt 2021 8 050 M 5 832 M 5 832 M
P/E ratio 2021 -74,2x
Yield 2021 -
Capitalization 22 075 M 16 022 M 15 993 M
EV / Sales 2021 51,1x
EV / Sales 2022 26,2x
Nbr of Employees -
Free-Float 99,2%
Chart SYDNEY AIRPORT LIMITED
Duration : Period :
Sydney Airport Limited Technical Analysis Chart | SYD | AU000000SYD9 | MarketScreener
Technical analysis trends SYDNEY AIRPORT LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Last Close Price 8,18 AUD
Average target price 8,35 AUD
Spread / Average Target 2,02%
EPS Revisions
Managers and Directors
Geoff Culbert Chief Executive Officer
Greg Botham Chief Financial Officer
Trevor Gerber Independent Non-Executive Chairman
Hugh Wehby Chief Operating Officer
John S. H. Roberts Independent Non-Executive Director