Sydney Airport Rejects $17 Billion Takeover Bid From IFM-Led Consortium

Sydney Airport said Thursday it has rejected a A$22.3 billion ($17 billion) takeover bid from a consortium led by Melbourne-based IFM Investors, saying the offer was too low.

The consortium—which also includes QSuper Board and Global Infrastructure Management LLC—had on July 5 offered to buy Australia’s largest airport operator at A$8.25 a share. The offer was at a 42% premium from the stock’s closing price on July 2.

“The Sydney Airport boards have carefully considered the indicative proposal, including obtaining advice from their financial and legal advisers,” Sydney Airport said in a statement. “The boards have unanimously concluded that the indicative proposal undervalues Sydney Airport and is not

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