The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has struggled over the last month.
After closing Friday's trading session at $7.75, shares in the infrastructure giant have sunk more than 2% in the past 30 days.
Let's take a look at what's been happening.
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Sydney Airport shares lose takeover momentum
Despite widespread lockdowns and border closures, the Sydney Airport share price has soared in 2021.
Shares in the airport have managed to buck negative sentiment, gaining more than 22% since the start of the year.
A single catalyst has helped fuel the Sydney Airport share price.
Shares in the company received a boost early last month following a $22.6 billion buyout offer.
The offer saw shares in Sydney Airport storm more than 34% on the day.
A consortium of infrastructure investors – IFM Investors, Global Infrastructure Management, and QSuper – launched the takeover offer, valuing Sydney Airport at $8.25 per share.
However, it seems as though momentum from the takeover offer has waned over the past 30 days.
Sydney Airport formally rejected the takeover offer for 100% of its shares in mid-July.
As a result, shares in the company have struggled in the past month as investors await a new catalyst.
Outlook for the Sydney Airport share price
Sydney Airport is Australia's largest international gateway. The company generates revenue through aeronautical, retail, property, car rental and parking operations.
Following the takeover offer, Sydney Airport's management noted the predatory nature of the takeover bid.
The company's management predicts sunnier days ahead for the infrastructure giant.
Before the pandemic, the Sydney Airport share price was trading at around $8.95.
As a result, the company rejected the opportunistic takeover bid, citing the irreplaceable nature of Sydney Airport.
The company anticipated stronger growth in a vaccinated, post-COVID world.
As a result, Sydney Airport could receive extra attention this reporting season.
Sydney Airport will release its 2021 half-year results on Friday 20 August.
