Macquarie Asset Management has proposed an A$11.6 billion (£5.70 billion) takeover of Qube Holdings, a leading logistics provider based in Australia.
This strategic offer includes A$5.20 (£2.55) in cash for each share of Qube, representing a significant 27.8% premium compared to the closing share price on 21 November.
It’s important to note that the proposed price will be adjusted downwards by any cash dividends Qube pays out in the interim.
Upon assessing this proposal, the Qube Board has granted Macquarie Asset Management a due diligence period that concludes on 1 February.
Moreover, the deal is contingent upon Macquarie submitting a binding offer, receiving a unanimous recommendation from the Qube Board, and obtaining various regulatory approvals.
“The Proposal from Macquarie Asset Management is a reflection of the strength of Qube’s business model and our assets, and the quality of our people and culture,” stated Qube chairman, John Bevan.
He added, “We look forward to continuing to engage constructively in the best interests of our shareholders.”
Qube operates across approximately 200 locations in Australia, New Zealand, and Southeast Asia, employing a dedicated workforce of over 10,000 professionals.
