The Sydney Airport (ASX: SYD) share price is pushing higher on Thursday morning.
At the time of writing, the airport operator’s shares are up 3% to a 52-week high of $8.59.
Why is the Sydney Airport share price rising?
The Sydney Airport share price was given a boost this morning from the release of an announcement relating to its $32 billion takeover.
According to the release, the Australian Competition and Consumer Commission (ACCC) has announced that it will not oppose the proposed acquisition of Sydney Airport by the Sydney Aviation Alliance.
In addition, the company notes that the European Commission has also approved the proposed acquisition under the EU Merger Regulation.
In light of this, the ACCC and European Union conditions contained in the Scheme Implementation Deed have now been satisfied.
While the above approvals are a positive, it’s not the end of the road. The implementation of the Scheme remains subject to a number of other conditions. This includes FIRB approval, the approval of Sydney Airport shareholders, and Court approval.
In respect to shareholders, the release reveals that they are expected to be given the opportunity to vote on the takeover in February. A Scheme booklet is expected to be issued to shareholders later this month.
Once again, the Sydney Airport Board recommends investors vote in favour of the $8.75 per share proposal.
It commented: “The Sydney Airport Board unanimously recommends that Sydney Airport Securityholders vote in favour of the Scheme at the Scheme meeting, in the absence of a Superior Proposal and subject to an independent expert concluding that the Scheme is in the best interests of Sydney Airport Securityholders (other than UniSuper). Subject to those same qualifications, each member of the Sydney Airport Board intends to vote, or cause to be voted, any Sydney Airport securities held or controlled by them in favour of the Scheme.”