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Sydney Airport departs the ASX
The takeover by Sydney Aviation Alliance has now been finalised.
Sydney Airport departs the ASX
Sydney Airport has now been suspended from quotation on the ASX after Sydney Aviation Alliance’s $23.6 billion acquisition received court approval.
In statements to the ASX on Wednesday (9 February), Sydney Airport confirmed that the Supreme Court of NSW had made orders approving the scheme of arrangement, and the scheme was subsequently made legally effective after the orders were lodged with the Australian Securities and Investments Commission.
“Sydney Airport securityholders who hold Sydney Airport securities at the scheme record date, expected to be 7.00pm (Sydney time) on Wednesday, 16 February 2022, will receive cash consideration of $8.75 per Sydney Airport security,” the company said.
“The scheme consideration will be paid by Sydney Aviation Alliance Pty Ltd on the implementation date, which is expected to be Wednesday, 9 March 2022.”
The Sydney Aviation Alliance, led by IFM Investors and composed of Australian Super, QSuper and Global Infrastructure Partners, submitted its $23.6 billion cash offer in September after an earlier offer of $8.25 per share was rejected.
At a shareholders meeting last week, more than 96 per cent of votes and 79 per cent of shareholders were in favour of the proposed takeover.
The directors of Sydney Airport unanimously recommended that shareholders vote in favour after considering both the fundamental long-term value of the airport as well as the shorter-term challenges that have arisen during the pandemic.
“The board did take into account the long-term nature of the airport concession; the strategic nature of the airport as a world class airport and one of Australia’s most important infrastructure assets, and the historical growth in the years prior to the COVID-19 pandemic,” said Sydney Airport chairman David Gonski.
“However, after careful consideration of those factors, the Sydney Airport board took the view that the cash consideration of $8.75 per security does fairly reflect the fundamental long-term value of the airport.”
S&P Dow Jones Indices indicated that Sydney Airport would be removed from the S&P/ASX 200 and replaced by Telix Pharmaceuticals prior to the open of trading on Thursday (10 February).
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