IFM (an Australian Pension Fund) has announced a mandatory takeover of Vienna Airport at €33.00 per share having crossed the 40% threshold, but is not seeking a majority given the large stakes held by the local government who are unlikely to sell.

IFM had already led the acquisition of Sydney Airport, held a cornerstone stage in Vienna Airport, and had made a previous bid for the company.

Yet, Vienna Airport had almost no mainstreaming investment bank coverage, the stock is illiquid and there are extra withholding taxes because of the Austrian listing.

There is plenty of alpha for those willing to explore the path less traveled.