Most investors have voted to accept the takeover ahead of a shareholder meeting on Thursday but 3,607 investors have rejected it.
Sydney Airport chairman David Gonski has described the nation’s biggest airport as “a wonderful asset”, but defended the board’s decision to recommend a $23.6 billion sale as most investors accepted a takeover cash offer.
To succeed, the takeover – which is structured as a scheme of arrangement – required more than 50 per cent of shareholders by number who voted to be in favour, as well as at least 75 per cent of all votes cast.The 75 per cent threshold was easily met, with 96 per cent of all shares that were voted cast in favour.
“We will continue to work closely with Sydney Airport and other relevant stakeholders to finalise the transaction,” Mr Neal said.Mr Gonski, who became the airport’s chairman only a couple of months before it received an initial takeover approach in July last year, declined to comment on whether he was surprised by the number of shareholders who voted against the deal, and said he had not tried to engineer a sale.
Mr Gonski said the board had examined the long-term value of the airport’s concession, which lasts until 2097. “It is definitely not, in our view, a situation where an opportunity is being taken,” he said.
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