Prime Highlights
- Qube Holdings shares surged to a record A$5.05 after agreeing to an A$11.7 billion takeover led by Macquarie Asset Management.
- The deal, if approved, will take Qube private and is backed by major investors including UniSuper and Pontegadea.
Key Facts
- The takeover values Qube at an enterprise value of around A$11.6 billion, with a per-share offer of A$5.20 and potential dividends reducing the final price.
- Shareholder approval and regulatory clearance from Australian competition and foreign investment authorities are still required before the transaction can proceed.
Background
Shares of Qube Holdings climbed to a record high on Monday after the Australian logistics group agreed to an A$11.7 billion ($8.26 billion) takeover by a consortium led by Macquarie Asset Management.
The stock rose as much as 4.1 percent to A$5.05 in early trade, marking its highest level ever. However, it remained below the consortium’s offer price of A$5.20 per share. The deal values Qube at an enterprise value of around A$11.6 billion and will take the company private if approved.
Qube’s board has recommended that shareholders vote in favor of the proposal at a meeting scheduled later this year. The transaction still requires approval from Australian competition and foreign investment regulators.
The Macquarie-led group includes Australian pension fund UniSuper, which holds a 15.1 percent stake in Qube, and Pontegadea, the investment arm of the Ortega family, known for controlling Inditex, the parent company of Zara.
Macquarie executives said Qube reflects the broader Australian economy, with strong exposure to imports such as containers and vehicles and exports including resources and agriculture. UniSuper’s chief investment officer said private ownership may allow for longer-term investment decisions.
Under the agreement, Qube may pay dividends of up to 40 Australian cents per share, which would reduce the final offer price accordingly.
