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    SYD   AU000000SYD9

SYDNEY AIRPORT LIMITED

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Sydney Airport : rejects $17bn buyout offer

07/15/2021 | 04:11am EDT

Sydney Airport has this morning rejected a $16.6bn buyout offer from a group of infrastructure fund, foiling what would have been one of Australia’s biggest takeovers.

The firm behind the airport said that its board had unanimously rejected the bid as undervaluing the firm and not being in the best interest of shareholders.

The offer is amid a spate of high-profile bids that have materialised in recent months due to record low interest rates.

Last week, the Sydney Aviation Alliance, a consortium of IFM Investors, QSuper and Global Infrastructure Partners offered A$8.25 a share, for a premium of 42 per cent to pandemic-ravaged Sydney Airport’s last trading price before the offer.

In a statement, the airport rejected the deal, saying: “Sydney Airport is strongly positioned to deliver growth as vaccination rates increase and we move into the post-pandemic recovery period.

“Sydney Airport will only progress a change in control transaction on terms that deliver and recognise appropriate long term value.”

In response, the Sydney Aviation Alliance said it was “surprised and disappointed” by the rejection, but did not say if it had ruled out a higher offer.

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The post Sydney Airport rejects $17bn buyout offer appeared first on CityAM.

© City AM, source Newspaper

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Analyst Recommendations on SYDNEY AIRPORT LIMITED
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Financials
Sales 2021 589 M 427 M 427 M
Net income 2021 -295 M -214 M -214 M
Net Debt 2021 8 050 M 5 828 M 5 828 M
P/E ratio 2021 -74,8x
Yield 2021 -
Capitalization 22 264 M 16 088 M 16 120 M
EV / Sales 2021 51,5x
EV / Sales 2022 26,4x
Nbr of Employees -
Free-Float 99,2%
Chart SYDNEY AIRPORT LIMITED
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Sydney Airport Limited Technical Analysis Chart | SYD | AU000000SYD9 | MarketScreener
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Mean consensus HOLD
Number of Analysts 11
Last Close Price 8,25 AUD
Average target price 8,35 AUD
Spread / Average Target 1,16%
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