Sydney Airport shareholders are urging the company’s board to engage in talks with a consortium led by IFM Investors amid a stalemate between the takeover target and its suitors over a proposed $22.8 billion acquisition.

Jamie Hannah, deputy head of investments and capital markets at VanEck, said the “clock was ticking” on the IFM consortium’s indicative offer, which was raised to $8.45 a share in August from an initial $8.25 a share in July.