The consortium of investors, led by IFM, bidding for Sydney Airport has had its first win.
After a series of rejected bids, Sydney Airport announced to the ASX that it is considering the consortium's (Sydney Aviation Alliance) latest bid of $8.75 cash per share.
The consortium is comprised of IFM Investors, QSuper and Global Infrastructure Management and now AustralianSuper.
The consortium will now be permitted to conduct due diligence on a non-exclusive basis to enable it to put forward a binding offer.
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If a binding offer was made at $8.75 per share, the current intention of the Sydney Airport boards is to unanimously recommend that security holders vote in favour of the proposal.
However, there is not yet any certainty that the due diligence will result in a binding offer being made.
The Sydney Airport boards previously knocked back proposals from the consortium of $8.25 and $8.45 per share, calling the offers "opportunistic" and accusing the consortium of undervaluing the airport considering the pandemic.
"Sydney Airport is strongly positioned to deliver growth as vaccination rates increase and we move into a post pandemic recovery period," the company said.
"It has rapidly adapted to the COVID environment, strengthening its balance sheet and tightly managing costs to maintain flexibility to respond to a range of recovery scenarios and pursue sensible growth opportunities as the recovery unfolds."