ACCC greenlights Rubik’s acquisition of Qube
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The news: The Australian Competition and Consumer Commission has confirmed that Rubik Australia’s proposed wholesale acquisition of Qube will not be opposed, concluding the transaction does not contravene federal antitrust laws.
The parties now await remaining regulatory approvals from the Foreign Investment Review Board and the New Zealand Overseas Investment Office as the scheme continues to progress.
The context: This follows Qube entering into a scheme implementation deed with a consortium led by Macquarie Asset Management (MAM), after announcing a proposed $11.6 billion takeover offer late last year.
Qube has subsequently received approval from the ASX for an extended timeline beyond standard listing rules to accommodate the payment of a special dividend and the bidder’s drawdown of funds for the transaction.
The scheme has since received more than 98% shareholder approval at the general meeting on Tuesday.
The scheme implementation date has been revised to 14 August, subject to court approvals and other regulatory clearances. Once effective, the board will pay a fully franked special dividend of 34 cents per security.
