Grant Samuel backs Qantas sale
Independent valuer Grant Samuel has announced that it is backing the Qantas sale by recommending that Qantas shares are worth between $5.18 and $5.98 a share and that any offer above the bottom of that range represented fair and reasonable value.
Qantas Chairman Margaret Jackson said the $5.60 a share offer valued the airline’s shares higher than they had ever traded, adding, “Qantas has delivered year-on-year profits, growth and diversification, but while the business has prospered, Qantas share price has not”.
Both Margaret Jackson’s comments and the Grant Samuel valuation were contained in a 210-page official response to shareholders by Qantas to the December 14 buy out offer, by Airline Partners Australia.
The bid price of $5.60 offers a 33% or $1.40 premium on the $4.20 price which Qantas shares closed at on in November prior to the proposed takeover.
While APA wants the purchase concluded by the latest next month, while growing objections within both Federal Government and Opposition ranks have forced the syndicate to agree to a review of the bid by the Foreign Investment Review Board, with considerable ongoing speculation regarding the balance between the share allocation and the investment by international parties, relating to overall Australia and international ownership.
Report by The Mole
John Alwyn-Jones
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