An IFM-led consortium has lifted its offer for Sydney Airport to $8.75 per share, valuing the gateway at $23.6bn, and has been granted due diligence by the board.
The consortium bidding for the airport, which initially consisted of IFM, QSuper, GIP and includes AustralianSuper, initially offered $8.25 per share, valuing the airport company at $22.3bn before revising its offer to $8.45 in recent months, in the wake of state lockdowns to curb the spread of the Covid Delta strain.
Both proposals were rejected.
Shares on Friday closed at $8.
Sydney Airport’s shares had earlier been trading at $5.81 before the first bid was received, although they had been trading at $8.80 before the global pandemic that largely halted international travel.
It launched a $2bn equity raising last year.
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