SYDNEY, AAP – A $23.6 billion takeover bid for Sydney Airport remains a good chance of progressing as the two groups work towards a deal.

A group of investors and the airport board continue to discuss the proposal after a four-week period for the former to examine the financials of its target concluded.

Sydney Airport on Monday said its board members continued to negotiate transaction documents and, if agreed on, would recommend securityholders vote for the bid.

The Sydney Aviation Alliance consortium, which includes IFM Investors, Queensland super fund QSuper and Global Infrastructure Partners, has offered $8.75 per stapled security.

The group in July first offered $8.25 each then later increased the amount.

There has been a flurry of mergers and acquisitions on the share market this year. The pandemic has caused the value of shares in some companies, such as those in travel, to drop. This has made them cheaper for would-be suitors.

Securities in Sydney Airport on the ASX were lower by 0.84 per cent to $8.30 at 1400 AEDT.