With only two weeks to go, APA is still well short of the 90% shares required to ensure the success of their bid to purchase Qantas, having advised the ASX that it has secured only 19.34% of Qantas’ shares, needing 90% to succeed.
This is only up marginally from the 18.7% previously reported, indicating that many shareholders are hanging on to see what happnes.
10% shareholders Balanced Equity Management and UBS Global Asset Management, while having said that they are rejecting the offer price of $5.45 as too low, are still refusing to confirm if they will ultimately use their shareholding to prevent the sale of Qantas to APA.
With the deadline for acceptances set for April 3 and APA indicating that they will not extend, Qantas shares closed yesterday at $5.14.
Report by The Mole
