Macquarie Asset Management moves on Qube with $11.6 billion bid as board signals support
A group of investors led by Macquarie Asset Management has lobbed an $11.6 billion takeover bid for ASX-listed port logistics operator Qube Holdings.
The offer is at $5.20 per Qube share on a 27.8 per cent premium to the port operator’s last closing price of $4.07 per share, with the giant price tag funded by external investors such as pension or superannuation funds that are clients of Macquarie Asset Management.
Qube’s board said it intends to recommend that shareholders vote in favour of the deal, subject to multiple conditions.
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By continuing you agree to our Terms and Privacy Policy.“The Proposal from Macquarie Asset Management is a reflection of the strength of Qube’s business model and our assets, and the quality of our people and culture,” said Qube’s chairman, John Bevan.
The parties have signed an agreement which grants Macquarie access to exclusive due diligence until February 1. This means Qube’s board cannot solicit rival offers over the period, although fiduciary obligations mean it will consider any rival offers after the exclusivity period.
Qube operates industrial ports and freight distribution services largely across southern and eastern states. Its shares are up 37.5 per cent over the past five years prior to the bid.
A spokesperson for Macquarie declined to comment.
More to come...
