A takeover bid for Malaysia Airports Holdings Bhd (MAHB) by a consortium comprising Khazanah Nasional Bhd and BlackRock's Global Infrastructure Partners was deemed viable for shareholders by the deal's financial adviser yesterday.

"HLIB is of the view that the offer is 'not fair' but 'reasonable'," said deal adviser Hong Leong Investment Bank (HLIB).

The US$4.08 billion offer made by the consortium in May sought to upgrade infrastructure and improve connectivity, services, and goals that would be better realised through privatisation, according to consortium members that also include Employees Provident Fund and the Abu Dhabi Investment Authority.

Some MAHB directors who weren't interested in the deal yesterday expressed concerns regarding valuation and growth prospects, and suggested rejecting the offer.

In its recommendation yesterday, HLIB maintained that the offer undervalued the company, but said it gave shareholders a chance to exit their investments in the absence of an alternate offer.