The company explains that it has made the decision as a bloc of investors held out for at least that amount.
IFM also dropped its condition that it receives at least 20% of the airport operator, adding that it has received binding commitments from investors for 11.84% of Vienna Airport under the changed conditions.
The improved bid represents a premium of 32.9% to the closing price of €61.69 before IFM's approach emerged in October, and if the revised offer is approved by Austria's Takeover Commission, it would be published on December 5 at the latest and run until December 18.
IFM's Investment Director, Werner Kerschl, says in a statement: “We think this step is in the best interest of shareholders primarily because the three-month extended deadline is avoided and the shareholders would get the purchase price significantly sooner.”
The firm has unveiled its original offer on October 13, seeking between 20% and 29.9% of the airport operator, and says that investors had offered to tender 1.4% of the company as of November 28.
IFM owns several small Australian airports and has also invested in UK, German and Polish infrastructure, but says it is not looking to influence Vienna Airport's day-to-day management or delist the company.