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SYDNEY (Reuters) - Sydney Airport Holdings Pty Ltd 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 fuelled by record-low interest rates.
FILE PHOTO: People walk through the domestic terminal at Sydney Airportin Sydney, Australia, December 21, 2020. REUTERS/Loren Elliott
The operator of Australia’s largest airport said directors had unanimously concluded the proposal undervalued the airport and was not in the best interest of shareholders. If successful, it would have been one of Australia’s biggest buyouts.
Record-low interest rates have prompted pension funds and their investment managers to chase higher yields, leading to recent asset purchases from Telstra Corp and Qube Holdings.
Board says proposal undervalues airport
Would have been one of Australia s biggest buyouts
SYDNEY, July 15 (Reuters) - 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 fuelled by record-low interest rates.
The operator of Australia s largest airport said directors had unanimously concluded the proposal undervalued the airport and was not in the best interest of shareholders. If successful, it would have been one of Australia s biggest buyouts.
Record-low interest rates have prompted pension funds and their investment managers to chase higher yields, leading to recent asset purchases from Telstra Corp (TLS.AX) and Qube Holdings (QUB.AX). read more
Sydney Airport board rejects $16.6 billion buyout proposal
By Jamie Freed
Reuters
SYDNEY (Reuters) -Sydney Airport Holdings Pty Ltd 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 operator of Australia s largest airport said directors had unanimously concluded the proposal undervalued the airport and was not in the best interest of shareholders. If successful, it would have been one of Australia s biggest buyouts.
Record-low interest rates have prompted pension funds and their investment managers to chase higher yields, leading to recent asset purchases from Telstra Corp and Qube Holdings.
Australia s Spark Infrastructure gets $3.7 billion buyout offer Reuters 2 hrs ago
July 15 (Reuters) - Australia s Spark Infrastructure Group said on Thursday it has received a buyout proposal from private equity firm KKR & Co Inc and Ontario Teachers Pension Plan Board, valuing the electricity infrastructure investor at A$4.91 billion ($3.67 billion).
Spark shareholders will get A$2.80 for each share they own, a nearly 13% premium to the stock s last traded price of A$2.48 on Wednesday. ($1 = 1.3367 Australian dollars) (Reporting by Sameer Manekar in Bengaluru; Editing by Shounak Dasgupta)