APA says no decision made to drop Qantas conditions
After reports yesterday that a deal had been reached to lower the conditions for their bid for Qantas, APA says that they have made no decision to reduce the required level of shareholder acceptance.
An Australian Financial Review report yesterday said that Macquarie Bank-led Airline Partners Australia (APA) had decided to drop the shareholder acceptance level, from 90% possibly to 75%, but a spokesman for the consortium says the report was incorrect, adding, “There is no decision yet from APA to alter the terms and conditions of the current offer and no decision has been reached.”
With their target of achieving 90% ownership now unlikely to be achieved, with Balanced Equity Management already announcing it will not sell its 4% stake and UBS Global Asset Management, holding 6% also said to be saying no, blocking the achieving of 90%.
It appears that the consortium has recommenced negotiating with its financial backers, with reports suggesting that a new deal has been agreed, with 75% acceptance, but it is understood that several parties still need to be convinced that the deal will work and even if the banks back the deal, the equity partners and underwriters still have to agree to it.
With APA having secured acceptances from about 50% of Qantas’ shareholders, which represents only approximately 30% of the company’s issued stock, the deadline for acceptance of the current offer of April 20 is fast approaching and APA must announce by Thursday if it wants to extend that deadline.
A Report by The Mole
John Alwyn-Jones
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