Qube to exit the ASX after $11.7b takeover deal
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The news: Qube will delist on the ASX at the close of market on Wednesday, following the Supreme Court’s final approval of an $11.7 billion takeover by a Macquarie Asset Management-led consortium.
The context: This follows the logistics company receiving ASX approval in April to proceed with the takeover, after entering into a scheme implementation agreement with the consortium in February.
The Australian Competition and Consumer Commission subsequently cleared the proposal in June, ruling that the merger did not contravene federal antirust laws.
Following the final approval from the Supreme Court on Tuesday, the transaction will move forward. The consortium includes MAM-controlled MAIF 4 Rubik, UniSuper and Pontegadea. The final implementation of the scheme is scheduled for 14 August.
Ahead of the delisting, the Qube board has declared a fully franked special dividend of 34 cents per share, with a record date of 14 July and a payment date of 23 July. Current Qube shareholders will receive a total cash consideration of $5.20 per security.
The source: ASX
