This morning from the SMH
Qantas Airways has rejected an $11 billion takeover bid from a consortium including Australia's Macquarie Bank.
Qantas said it had received a non-binding conditional proposal to acquire 100 per cent of the company from a consortium including Allco Equity Partners, Allco Finance Group, Macquarie Bank, Canadian buy-out group Onex and US private equity firm Texas Pacific Group.
"The proposed offer price is $5.50 per share and incorporates a number of complex conditions, the requirement for unanimous support by Qantas directors and a break fee," the airline said in a statement.
The off-market bid also has a 90 per cent minimum acceptance condition.
"The non-executive directors consider that the terms of the proposal are not acceptable," Qantas said.
What does everyone think? What next?
