Qantas rejects $11 billion takeover bid from consortium

By NZPA

Wednesday 13th December 2006

Qantas Airways has rejected an $A11 billion ($NZ12.66 billion), $A5.50 per share, takeover bid from a consortium including Australia's Macquarie Bank Ltd.

Qantas said it had received a non-binding conditional proposal to acquire 100% of the company from a consortium including Allco Equity Partners, Allco Finance Group, Macquarie Bank, Canadian buy-out group Onex and US private equity firm Texas Pacific Group.

"The proposed offer price is $A5.50 per share and incorporates a number of complex conditions, the requirement for unanimous support by Qantas directors and a break fee," the airline said in a statement.

The off-market bid also has a 90% minimum acceptance condition.
"The non-executive directors consider that the terms of the proposal are not acceptable," Qantas said.

"Qantas will keep shareholders informed of any material developments."

Comments from our readers

No comments yet