Macquarie Asset Management (MAM) is proposing to acquire all outstanding shares of Australian logistics group Qube Holdings in a transaction valuing the company at A$11.6bn (€6.5bn).
MAM and the funds under its management are offering A$5.20 in cash per share through a scheme of arrangement, representing a 27.8% premium to Qube’s last closing share price of $4.07.
The offer price would be reduced by the cash amount of any future dividends paid by Qube.
Qube’s board said the proposal followed an earlier unsolicited, non-binding and indicative offer at a lower value and a period of negotiation, which included the provision of limited due diligence information to facilitate a meaningfully improved proposal from MAM.
“After careful evaluation of the proposal, the board of Qube determined it appropriate to enter into a process deed with MAM. The process deed grants MAM a period of exclusive due diligence access from the date of the deed until 1 February 2026.”
John Bevan, Qube chairman, said: “The proposal from Macquarie Asset Management is a reflection of the strength of Qube’s business model and our assets, and the quality of our people and culture. We look forward to continuing to engage constructively in the best interests of our shareholders.”
The company’s board said there was no certainty the proposal would lead to a binding offer, advising shareholders to take no action at this time in relation to the proposal.
ASX-listed Qube is a provider of integrated import and export logistics, operating across more than 200 locations in Australia, New Zealand and South East Asia.
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