Sounds of panic in APA Mansfield’s voice perhaps?
The Courier Mail says that the Macquarie Bank-led consortium bidding $11.1 billion for Qantas now has just two weeks to get its ambitious tilt for the Aussie icon over the line, after yesterday refusing to extend its offer beyond next Friday.
As the takeover drifted into its fifth month, Airline Partners Australia yesterday offered a sweetener to shareholders to help bring the deal “to a successful close as soon as possible”, with APA not extending its offer for Qantas, including subsidiary Jetstar, past May 4 but accelerating shareholders’ payments to five business days, instead of one month.
APA will also give all shareholders withdrawal rights, allowing them to take back their acceptance at any time before the offer goes unconditional.
APA recently lowered its minimum shareholder acceptance condition to 70%, from 90%.
The new conditions may make it easier for the bid to limp over the line, after announcing on Friday that acceptances were going backwards to stand at 28.86% from 30.06%.
APA director Bob Mansfield said an overwhelming majority of shareholders supported the offer, adding, “Now is the time for those supportive shareholders to accept.” “If the bid fails, the share price will almost certainly fall”.
He also added, “We believe that our cash offer of $5.45 per share is full, fair and reasonable.”
A Report by The Mole
John Alwyn-Jones
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