With no one able to predict when, or if, the pandemic will end, the certainty of the $8.75 in cash per share offered by a consortium led by IFM Investors and New York-headquartered Global Infrastructure Partners is appealing.
As citizens of an island nation, most Australians need to get on a plane to leave the country as well as travel long distances within its vast interior. Another small shareholder, who has held more than 59,000 Sydney Airport shares for a decade and asked to remain anonymous, said he voted against the takeover because he felt the board’s directors “were a little too easy to bow down”.While the board rejected two initial offers from the consortium, priced at $8.25 per share and $8.45 per share, it took only two months to announce it was likely to recommend a third offer of $8.75 per share.
The airport’s board argues that investors are getting a significant premium because the sale price is almost 51 per cent above the company’s stock price of $5.81 on July 2 In Europe, where the aviation recovery has been faster than in Australia or New Zealand, the share prices of listed airports are bouncing back. The stock price of Germany’s Fraport AG, which operates Frankfurt Airport, is trading at close to €64 per share – not far off its pre-pandemic price of around €70 per share.In France, the stock of Groupe ADP, which owns Paris’s Charles de Gaulle and Orly airports, is also trading at €125 per share compared to around €166 per share pre-pandemic.
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