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.
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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.
