Shareholders in Sydney Airport have overwhelmingly voted in favour of the $23.6 billion takeover bid from the Sydney Airport Alliance consortium led by IFM Investors.
In an announcement to the ASX on Thursday, Sydney Airport said the requisite number of securityholders had passed the three resolutions to approve the company scheme of arrangement and the trust scheme under which Sydney Airport Alliance will acquire all securities in Sydney Airport.
All three resolutions received over 96 per cent of votes in favour while 79.29 per cent of the total number of securityholders voted in favour of the company scheme resolution.
The implementation of the scheme is now subject to court approval and certain other conditions.
Sydney Airport confirmed it has applied to the court for orders approving the company scheme of arrangement at a hearing scheduled for next Wednesday.
If the court approves the scheme, Sydney Airport said it plans to lodge the court orders and the trust supplemental deed with the Australian Securities and Investment Commission on the same day, making the scheme legally effective.
“If this occurs, Sydney Airport will apply for its securities to be suspended from trading on the ASX with effect from the close of trade on Wednesday, 9 February 2022,” Sydney Airport said.
The directors of Sydney Airport also unanimously recommended voting in favour, including chairman David Gonski.
"I would like to emphasise that the board, in making its recommendation, assessed the proposal against the fundamental long-term value of Sydney Airport, not just the shorter-term challenges facing the airport as a result of COVID-19," said Mr Gonski.
"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."
The Sydney Aviation Alliance, which includes IFM as well as Australian Super, QSuper and Global Infrastructure Partners, submitted its $23.6 billion cash offer in September last year after an earlier offer of $8.25 per share.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
