Qube progresses with $11.7b Macquarie buyout after PNG approval

The news: Logistics company Qube said its proposed $5.20-a-share takeover by Macquarie is progressing after the bidder secured approval from the PNG competition regulator and received the third-party consents required to complete the transaction.

The context: The update follows Qube’s announcement earlier this year that it had entered into a scheme implementation deed with a consortium led by Macquarie Asset Management under a proposed $11.6 billion acquisition.

The company said approvals from the Australian Competition and Consumer Commission, the Foreign Investment Review Board and New Zealand’s Overseas Investment Office remain outstanding but continue to progress ahead of shareholder meetings scheduled for 16 June.

If approved, Qube said shareholders will receive a total value of $5.20 per share, including a previously paid interim dividend of 5.3 cents, subject to final board discretion and tax rulings.