Qube shares jump on Macquarie's $11.6b takeover offer
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More news: Qube shares soared in early trade after the logistics group received an $11.6 billion takeover offer from Macquarie Asset Management.
Shares were up 19.4% to $4.86 at 11am AEDT. Macquarie's offer values the company at $5.20 per share.
RBC Capital Markets analyst Owen Birrell said the offer price represents a "full" valuation for Qube's equity, and comes 21% higher than RBC's 12-month price target of $4.30 per share.
Qube receives $11.6b takeover bid from Macquarie Asset Management
The news: Logistics group Qube has received a takeover offer from Macquarie Asset Management, valuing the company at $11.6 billion.
The numbers: Macquarie's offer price of $5.20 cash per share represents a 27.8% premium to Qube's last closing share price of $4.07 on 21 November.
The context: Qube's board has entered into a process deed with Macquarie, which will allow for a period of exclusive due diligence access through to 1 February 2026.
Qube directors intended to unanimously recommend the company's shareholders vote in favour of the scheme of arrangement.
Qube previously granted Macquarie access to limited due diligence information following a lower takeover offer from the suitor.
What they 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," said Qube chairman John Bevan.
"We look forward to continuing to engage constructively in the best interests of our shareholders."
The source: ASX
