A significant Sydney Airport (ASX: SYD) shareholder is reportedly contesting the airport's takeover, saying he believes it's worth $12 per share.
Private investor Joe Cambria reportedly told the Australian Financial Review (AFR) he wants a board spill in response to the recently accepted $8.75 per share takeover offer. Cambria holds approximately $5.88 million dollars worth of stock based on the current share price.
At the time of writing, Sydney Airport shares are selling for $8.40, 0.12% higher than their previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) has gained 0.38% today.
Let's take a closer look at the shareholder's opposition to the takeover.
Cambria calls for to board spill
Cambria, who owns 400,000 shares in Sydney Airport and indirectly holds another 300,000, has voiced his disappointment with the airport's $23 billion takeover offer.
He reportedly wrote to the airport's board saying he was questioning its "competence, suitability for office, and independence".
He believes there should be an immediate spill and a new board instated. The AFR quoted Cambria as saying:
I don't believe that [chair David] Gonski is actually working in the interests of shareholders. This to me looks like it's a friendly sale rather than an acquisition.
The publication also claims Cambria is seeking legal advice in a bid to stop the takeover.
The takeover bid was posed by the Sydney Aviation Alliance – led by IFM Investors and made up of various super funds.
Cambria reportedly believes, post-COVID-19, the Sydney Airport share price could be $12 and described the takeover offer as a "theft".
Of course, the final say on the takeover will come from Sydney Airport's shareholders. The decision is expected to be put to a shareholder vote in late January.
At least 75% of Sydney Airport's shareholders must approve of the takeover before it will go ahead.
Sydney Airport share price
Right now, the Sydney Airport share price is 0.84% higher than it was this time last month.
It has also gained 31% since the start of 2021. That includes the 33% boost it received when the consortium first put forward its takeover bid.
