Qantas has rejected an A$11 billion (£4.35 billion) takeover bid from a consortium led by a US private equity firm and Australia’s largest investment bank, Macquarie Bank.
A statement 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 A$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.”
