SYDNEY: The Qantas board has acknowledged Airline Partners
Australia’s (APA) current bid for Qantas is dead.
As a result, Qantas today lifted the trading halt on its shares.
Qantas chairman, Margaret Jackson, who is facing calls for her resignation after the bungled bid, said the board of directors and management would move forward.
Jackson said the board and senior management wanted to make it clear that APA’s A$5.45 offer could not be renewed, and any future offer would be treated as a completely new matter.
“This has been an extremely difficult process since the board decided to recommend APA’s bid to shareholders,” she said.
Jackson said the foremost priority of the board and management now was the continuing successful operation of the company. She said continuity and stability were vital.
“The board will meet again today and will also be meeting in the near future to discuss management’s three-year plan and strategies for growth.”
APA yesterday raised the possibility that the bid was still alive because they believed it had more than 50% of acceptances from Qantas shareholders. However, it decided to call the bid off rather than risk a long legal battle that would have created further uncertainly over the future of Qantas.
