SYDNEY, AAP – Sydney Airport has rejected a $22.3 billion takeover offer because it undervalues the business, which runs the nation’s biggest aviation hub.

The airport was earlier this month approached by a consortium of infrastructure investors with an offer of $8.25 per stapled security.

“The boards have concluded that the indicative proposal undervalues Sydney Airport and is not in the best interests of security holders,” it said in a statement on Thursday.