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APA update 2 hrs ago!
Friday, 03 May, 2007
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A Reuters report only 2 hrs ago says that acceptances for Airline Partners Australia’s Qantas bid have risen by only 7% since yesterday and with one day to go before the offer closes, the consortium still a long way off winning the airline.
APA said it now has acceptances for 32.96 per cent of the airlines’s shares, up from 25.94% yesterday.
Its voting power over Qantas shares has risen to 27.78% from 17.63%.
The consortium’s $5.45 per share bid closes tomorrow at 7pm AEST and will lapse if APA doesn’t receive acceptances for at least 50% of the shares.
APA is counting on a last minute rush of acceptances from hedge funds to get the deal over the line.
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