The Sydney Airport (ASX:SYD) takeover saga appears all but over, with the third bid from Sydney Aviation Alliance having been formally accepted over the weekend.

The Sydney Aviation Alliance (SAA) – a consortium consisting of UniSuper, IFM and other investors – made two previous bids at $8.25 per share and $8.45 per share that both were knocked back.

But SAA tried a third time at $8.75 per share – valuing it at $23.6 billion – and after a few weeks of due diligence the airport has opted to accept the offer.

Sydney Airport Chairman David Gonski knocked back the previous two bids, declaring they undervalued the business but by today he had changed his tune.

“The Sydney Airport Boards believe the outcome reflects appropriate long-term value for he airport and unanimously recommend the proposal to security holders,” he said.

When the deal is closed in the first quarter of next year, it will bring Sydney Airport’s near 20-year stint as an ASX listed company to an end.

Sydney Airport (ASX:SYD) share price chart


Peter Warren’s $104m bid for Penfold

While the Sydney Airport takeover bid was the biggest M&A news this morning, there were a handful of other ASX companies making bids of their own.

One was car dealer Peter Warren (ASX:PWR), which announced it was buying Penfold Motor Group for $104 million.

Penfold is a Victorian car dealership that has a total of 10 leasehold operations and has been in business since 1964.

Peter Warren’s CEO Mark Weaver told shareholders the acquisition would be a good deal for them.

“This is an important step in delivering on our growth strategy and expands our footprint across the Eastern Seaboard, giving us immediate scale in the Victorian market,” he said.

“Bringing Penfold Motor Group into the Group also provides an enviable platform for further growth in Victoria, as we roll out our proven auto-mall concept that has been very successful in Sydney and Queensland for generations.”

Peter Warren (ASX:PWR) share price chart


NIB makes $43m bid for Kiwi Insurance

Rounding out today’s takeover bids was NIB (ASX:NHF) buying Kiwi Insurance for $43 million.

Kiwi Insurance is owned by the same company that owns New Zealand firm Kiwibank, which will now refer its retail clients to NIB.

NIB boss Mark Fitzgibbon said his company had been looking for opportunities across the Tasman for some time. In its favour were the trend for multiple insurance products that are often purchased in a package, he added.

NIB will pay for the deal through existing capital and new debt, and the company expects the immediate addition of approximately 34,000 new members.

NIB (ASX:NHF) share price chart