Australian logistics and infrastructure company Qube is set to be acquired, with a major asset management company entering into a process deed to acquire the business.
Macquarie Asset Management (MAM) has submitted a conditional, non-binding and indicative proposal to acquire all of the shares of Qube for $5.20 in cash per share.
On November 23, the two companies entered into a process and exclusivity deed, with the proposal price implying a valuation of approximately $11.6 billion.
MORE OWNERDRIVER TRENDING STORIES:
- $6 million national transport fleet to be auctioned after recent administration
- TOTM: Gavin Turner’s birthday bulldog
- Inside magnificent Casino’s 2025 triumph
- Elphinstone founder reaches the Wall of Fame
- QMR welcomes statement DAF
This latest proposal follows an earlier non-binding offer at a lower value from MAM, with negotiations resulting in this latest offer.
After careful evaluation, Qube says its board agreed to enter into a process deed with MAM, with each of the business’ directors confirming they intend to unanimously recommend that Qube shareholders vote in favour of the transaction.
“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,” Qube chairman John Bevan says.
“We look forward to continuing to engage constructively in the best interests of our shareholders.”
Qube says there’s no certainty the proposal will lead to a binding proposal for consideration by Qube shareholders, with Qube appointing UBS as financial advisor and Allens as legal advisor.
Subscribe to the weekly Owner//Driver newsletter here.