qantas-likely-to-accept-new-takeover-offer

Qantas likely to accept new takeover offer

After sending the private equity consortium headed by Macquarie Bank and TPG back to the drawing board yesterday, Qantas is poised to accept an increased offer of A$5.60 per share this morning.

By Cherie Marriott

December 13, 2006

The executives of Qantas are expected to announce their acceptance of a non-binding conditional offer for 100% of the airline's shares from a private equity consortium at a press conference scheduled for 11am Sydney time. The stock has been placed on hold by the ASX in preparation for the announcement.

The company's board is expected to advise shareholders to accept a revised offer of A$5.60 per share which was apparently negotiated with the buyers last night following Qantas' rejection of the first offer. Yesterday, the Qantas board rejected a A$5.50 per share offer, on the grounds that the conditions of the proposal were too complex.

It is believed the consortium, led by Macquarie Bank and...

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