On Monday, Sydney Airport (ASX:SYD) was the recipient of an unsolicited, indicative, conditional and non-binding proposal from a consortium of infrastructure investors including IFM, QSuper and Global Infrastructure Management for $8.25 per share. The bid represents a 42 per cent premium to the last close price, albeit remains at a discount to its pre-COVID-19 share price while being approximately 20 per cent higher than most recent peaks of around $6.90 per share reached in June and November last year.
The Montgomery Fund has held Sydney as a top 10 position for the past financial year, accumulating a position during March and April while also participating in the 1 for 5.15 capital raising in August last year. The stock has bounced around over that time, initially surging in June when all re-opening trades were heavily bid (despite no vaccine!), and once again in November with the positive vaccine announcement from Pfizer / Moderna.
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