SYD +4.63%: third time lucky for the bidders today with the suitors calling themselves Sydney Aviation Alliance getting a look behind the curtain of Sydney Airport. The new bid at $8.75/sh is 50c higher than the original offer, and around a 50% premium to SYD shares prior to the first offer coming to light. The Sydney Airport board look likely to recommend, though plenty of hoops still to jump before we get to that point. Due diligence was granted on a non-exclusive basis so if anyone else wants to throw their hat in the ring, they will get to meet the IFM Investors led Sydney Aviation Alliance in the data room. ACCC and FIRB will want to have a good look over the deal as well given the limits on airport ownership. The new price is in line with where shares were trading pre-COVID.
MM is neutral SYD
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