Splash247: Macquarie tables $7.5bn bid for logistics giant Qube

Australia’s Macquarie Asset Management has submitted a non-binding proposal to acquire compatriot logistics major Qube at an enterprise value of AUD11.6bn ($7.5bn).

Qube and Macquarie entered into a process and exclusivity deed in relation to the proposed acquisition. The price of AUD5.20 ($3.36) in cash per share implies a 27.8% premium to the last closing share price of Qube of AUD4.07 ($3.03) per share on November 21.

The proposal follows an earlier unsolicited, non-binding, and indicative offer at a lower value and a period of negotiation, which included the provision of limited due diligence information to facilitate a meaningfully improved proposal from Macquarie. 

After careful consideration, the Qube board decided to enter a process deed with the asset management firm. This grants Macquarie a period of exclusive due diligence until February 1, 2026.

 The logistics giant’s directors have confirmed they intend to unanimously recommend to their shareholders to vote in favour of the offer, unless a superior proposal from a third party is offered.

However, Qube revealed in its statement that there was no certainty that the proposal would result in a binding proposal for consideration by its shareholders. Qube will update shareholders regarding the proposal in due course.

“The proposal from Macquarie is a reflection of the strength of Qube’s business model and our assets, and the quality of our people and culture. We look forward to continuing to engage constructively in the best interests of our shareholders,” said John Bevan, Qube chairman.

Qube, Australia’s largest integrated provider of import and export logistics services, has appointed UBS as a financial advisor and Allens as legal advisor.