Sydney Airport’s board has left the door open to a higher bid for the company after rejecting a $22 billion offer from superannuation giants as an attempt to buy the prized asset on the cheap.

Investors said the board appeared to be staring down the bidders in an attempt to push the consortium to raise its offer, as the target company argued it would be strongly positioned to bounce back from the COVID crisis once mass vaccination allowed international travel to resume.

At a meeting of the David Gonski-chaired board on Wednesday, directors unanimously decided the bid of $8.25 per share undervalued the company and was opportunistic.

In a sign it is could potentially be open to a higher price, the board said it recognised the shares would trade below the consortium’s offer, “however Sydney Airport will only progress a change in control transaction on terms that deliver and recognise appropriate long-term value for Sydney Airport securityholders”.

The non-binding offer from IFM Investors, QSuper and Global Infrastructure Partners was a 42 per cent premium to the stock’s pre-bid trading price, but the board argued the timing of the bid was aimed at exploiting the COVID-induced crisis in aviation.

The board pointed out the bid was lower than the highs of near $9 Sydney Airport reached before the pandemic, which caused borders to be slammed shut in early 2020.

The bidding consortium said it was “surprised and disappointed” by the rejection, saying comparisons with the airport’s pre-COVID share price were of limited relevance, because of the major change in its circumstances and challenging outlook.

Sydney Airport shares rose 0.1 per cent to $7.81, as investors and analysts predicted the takeover battle had a way to go, with some expecting the consortium to raise its bid.

Managing director of White Funds Management, Angus Gluskie, said he thought the board would be contemplating the possibility of a rival bid for the company, and the bidders may look to raise their offer before a rival emerged.