SYD board swayed

SYDNEY Airport’s board will unanimously recommend that shareholders vote in favour of a revised takeover from the Sydney Aviation Alliance, pending independent expert approval.

The change of position follows another acquisition bid by the consortium which this time sweetened the pot by offering an increased $8.75 cash per stapled security, a rise from the previous $8.45 value offered.

Sydney Airport has now granted the suitor permission to conduct due diligence to enable it to put forward a formal binding proposal, which is expected to take around four weeks.