Qantas Responds to APA Announcement
Cassandra Hamlin, Qantas Acting Company Secretary issued a statement yesterday afternoon in response to the announcement made by Airline Partners Australia that it will declare its takeover offer unconditional if it receives acceptances of 70% or more (including instructions under the Institutional Acceptance Facility) and notes that a Supplementary Bidder’s Statement will be sent to all Qantas shareholders.
The statement said that Qantas’ Non-Executive Directors confirmed their recommendation that Qantas shareholders accept the offer by Airline Partners Australia in the absence of a superior proposal, adding that as set out in the 7th Supplementary Bidder’s Statement, if the takeover offer is declared unconditional, Airline Partners Australia intends to procure that its nominees are appointed to the Board of Directors to replace all current Qantas Non-Executive Directors, and in such circumstances the Qantas Independent Directors would retire from the Board.
Qantas notes that if Airline Partners Australia declares the offer unconditional and closes the offer with less than 90% of Qantas shares, it intends to appoint to the Board of Directors all of the nonindependent directors who are then on the board of Airline Partners Australia and two directors who have not yet been identified who will be independent of Airline Partners Australia.
Further details are set out in the Supplementary Bidder’s Statement prepared by Airline Partners Australia.
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Report by The Mole
John Alwyn-Jones
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