POWERED BY MOMENTUM MEDIA
Sydney Airport grants IFM due diligence for acquisition
Sydney Airport intends to grant the IFM-led Sydney Aviation Alliance consortium due diligence to pave way for its acquisition, after receiving a third non-binding proposal.
The consortium included IFM Australian Infrastructure Fund, the IFM Global Infrastructure Fund and Global Infrastructure Partners, AustralianSuper, and QSuper, which had previously been rejected twice by the airport with non-binding proposals aimed at acquiring all of its stapled securities.
In an announcement to the Australian Securities Exchange (ASX), Sydney Airport said the latest non-binding proposal provided for an acquisition by way of scheme of arrangement and trust scheme of 100% of the stapled securities at an indicative price of $8.75 cash per stapled security.
The price per stapled securities had risen from the second proposal of $8.45 and the first proposal of $8.25.
“Having taken advice, and considering all the relevant factors, Sydney Airport intends to grant the consortium the opportunity to conduct due diligence on a non-exclusive basis to enable it to put forward a binding proposal, subject to entry into a non-disclosure agreement on acceptable terms. The due diligence is expected to take four weeks from entry into a non-disclosure agreement,” the announcement said.
It noted that should the consortium make a binding offer at $8.75 cash per stapled securities, and the parties entered into a binding scheme implementation agreement on terms acceptable to Sydney Airport, and it completed an assessment that it was to its satisfaction, then the board would intend to unanimously recommend that security holders vote in favour of the proposal in the absence of a superior proposal.
This would also be subject to an independent expert concluding that the proposal transaction was in the best interests of Sydney Airport security holders.
Recommended for you
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
Despite a period of increased volatility, several considerations suggest that the bull market will remain intact and the trend in shares will remain up, an economist has suggested.
HESTA has slammed Woodside’s climate transition action plan, pointing to “significant” gaps.
All merger proposals will have to be approved by the consumer watchdog under the sweeping merger reforms announced by the government on Wednesday.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment