Qantas has announced this morning that the Qantas Board of Directors has rejected an $11b takeover bid from a consortium led by a US private equity firm and Australia’s largest investment bank, Macquarie Bank.
A media statement by Qantas spokesperson Cassandra Hamlin said, “Qantas Airways Limited notes that there has been significant speculation in the media concerning a possible takeover bid for Qantas.”
“Qantas confirms that, as reported in the media today, it has received a non-binding conditional proposal to acquire 100% of the Company from a Consortium including Allco Equity Partners, Allco, Finance Group, Macquarie Bank, Onex and Texas Pacific Group.”
“The proposed offer price is $5.50 per share and incorporates a number of complex conditions, the requirement for unanimous support by Qantas Directors and a break fee.”
“Implementation is proposed to be effected by way of an off-market takeover bid with a 90% minimum acceptance condition.”
“The Non-Executive Directors consider that the terms of the proposal are not acceptable.”
“Qantas will keep shareholders informed of any material developments.”
The Mole spoke with a Qantas spokesperson who was not able to reveal any further details or what the next step would be.
The Mole anticipates that the bargaining begins!
Up to the minute report by The Mole
