Sydney Airport has rejected a revised takeover offer of A$22.8bn (€14.2bn) from a consortium led by IFM Investors.

The Sydney Aviation Alliance (SAA) consortium, which now includes AustralianSuper, offered A$8.45 - up from A$8.25 – cash per security but was immediately rebuffed by the airport operator, which said the offer undervalued the business and is not in the best interests of securityholders. The previous offer was rejected last month.

SAA said: “This further reinforces the substantial ongoing Australian ownership of this nationally significant infrastructure asset, with the consortium investing, directly or indirectly, on behalf of more than six million superannuation fund members.” The consortium members include QSuper, Global Infrastructure Partners and IFM infrastructure funds.

In response to the rejection, SAA said it was “extremely disappointed” that the boards had once more failed to engage with the consortium and rejected the revised proposal.

Currently, UniSuper is Sydney Airport’s biggest shareholder, with a 15.3% stake.

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