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When was the best day on the Sydney Airport (ASX:SYD) share price chart?

Shares in the company surged more than 34% early in July, following a buyout offer.
The post When was the best day on the Sydney Airport (ASX:SYD) share price chart? appeared first on The Motley Fool Australia. –

The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price was first listed on the ASX in mid-August 2002.

With nearly two decades to sift through, finding the biggest percentage move for Sydney Airport shares is nigh impossible.

In the past 18 months alone, the Sydney Airport share price has reacted sharply to several catalysts.

One of the best days for shares in Sydney Airport can be traced back to early July of this year.

Sydney Airport share price boosted by takeover offer

The Sydney Airport share price received a huge boost early last month.

Shares in the company surged more than 34% for the day, following a $22.6 billion buyout offer.

A consortium of infrastructure investors – IFM Investors, Global Infrastructure Management, and QSuper – launched the takeover offer, valuing Sydney Airport at $8.25 per share.

Sydney Airport’s management initially noted that the takeover offer of $8.25 per share was below where shares in the company were trading pre-pandemic.

Before the COVID-19 pandemic, the Sydney Airport share price was trading at around $8.95.

Since then, the company has raised approximately $2 billion in equity and seen its share price peak and trough.

In addition, rumours began to swirl that another consortium led by Macquarie Group Ltd (ASX: MQG) was considering a counter bid.

Sydney Airport formally rejected the takeover offer for 100% of its shares in mid-July.

Outlook for Sydney Airport shares

Sydney Airport is Australia’s largest international gateway. The company generates revenue through aeronautical, retail, property, car rental and parking operations.

With widespread COVID-19 lockdowns hampering the Australian travel sector yet again, Sydney Airport could receive extra attention this reporting season.

Investors have long favoured shares in Sydney Airport for their dividend yield.

However, the infrastructure giant has approximately $10 billion in debt attached to its balance sheet.

In addition, Sydney Airport recently flagged a 56.8% decline in domestic traffic compared to pre-pandemic levels in 2019.

These factors could raise the concerns of some investors, especial given the indefinite reopening of free travel.

Sydney Airport will release its 2021 half-year results on Friday 20 August.

The post When was the best day on the Sydney Airport (ASX:SYD) share price chart? appeared first on The Motley Fool Australia.

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More reading

Why is the Flight Centre (ASX:FLT) share price slipping 2% today?
The Sydney Airport (ASX:SYD) share price is up 20% so far in 2021. Here’s why
ASX 200 Weekly Wrap: Blockbuster Afterpay deal turbocharges ASX to new record highs

Sydney Airport (ASX:SYD) offer shows infrastructure interest: expert
If you invested $2,000 in Sydney Airport (ASX:SYD) shares 10 years ago, here’s what it would now be worth

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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