Qantas accepts revised $8.7bn takeover bid
Qantas has accepted a revised proposal from Airline Partners Australia to acquire the airline for A$11 billion ($8.77 billion).
APA consists of Allco Equity Partners, Allco Finance Group, Macquarie Bank, TPG, Onex and other foreign investment funds.
Airline chairman Margaret Jackson said the revised proposal followed negotiations with APA since the board’s rejection yesterday of its initial offer. These negotiations had resulted in the removal of unacceptable conditions including a substantial break fee as well as an increase in the price from A$5.50 to A$5.60 per share.
She added that the renewed proposal provided an attractive premium for Qantas shareholders, being 33% higher than the closing share price of A$4.20 on November 6, the day before the first speculation about the offer, and 61% percent above Qantas’ volume weighted average share price of A$3.48 over the six months to that date.
“The directors believe this offer allows Qantas shareholders to realise significant value for their shares that has not been fully recognised in the public market.”
Jackson said the consortium had expressed its support for core Qantas strategies, which would not change, including maintaining an extensive domestic and international airline network, using Qantas’ two-brand (Qantas and Jetstar) strategy, continuing Qantas’ commitment to high quality product and service, and improving the company’s cost base to be globally competitive.
She added: “If this acquisition is successful, Qantas will remain a majority Australian-owned, Australia-based airline and the foreign-based consortium members are experienced airline investors with a long-standing association with the industry.
“The consortium members have made it clear to us that they recognise the immense value of the Qantas brand and intend to improve it and grow the business.”
CEO Geoff Dixon confirmed he had committed himself to continue in the role for at least three years with two year options after that and that Peter Gregg would remain Chief Financial Officer under the new ownership structure.
Phil Davies
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