APA Bid fails to get 50% (Merged)
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What the Board must realise is that their biggest advertisement for selling the company comes from the people within, the Employees. Not the millions of dollars spent on literature to bully you in to selling. Many Employees I have spoken to were not in favour of the deal. Once you get them onside the results will speak for themselves. A lesson that must be learnt.
Well Done Australia
People Power
Well Done Australia
People Power
QANTAS Consortium says bid still alive..
Don't break out the champagne just yet..
http://www.abc.net.au/news/newsitems...5/s1915046.htm
Apparently an acceptance came through after 7pm raising the holding to 58%.
I am getting so sick and tired of all this uncertainty. Six months this has been going now.
http://www.abc.net.au/news/newsitems...5/s1915046.htm
Apparently an acceptance came through after 7pm raising the holding to 58%.
I am getting so sick and tired of all this uncertainty. Six months this has been going now.
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Macquarie Bank Group Tops 50% Backing for Qantas Bid (Update1)
By Joyce Moullakis and Mary Schlangenstein
May 5 (Bloomberg) -- Macquarie Bank Ltd. and its buyout partners said they won majority support from Qantas Airways Ltd. investors and would ask regulators to let their A$11.1 billion ($9.1 billion) bid for Australia's biggest airline continue.
Airline Partners Australia said in a statement that a large shareholder's acceptance of its offer late yesterday pushed it past the 50 percent mark. Earlier in the day, the group said its bid for Qantas had fallen short.
The bidders, including TPG Inc. and Onex Corp., may get an automatic 14-day extension under Australian takeover law to secure the 70 percent of Qantas needed for the A$5.45 a share cash bid to succeed. If the bid fails, all stock tendered will be returned to investors.
Qantas spokesman Simon Rushton said earlier that the airline's board would meet today ``to discuss the situation.'' He declined further comment.
The takeover bid has been accepted by 58 percent of all Qantas shareholders holding 50.6 percent of the airline's shares, Airline Partners said in the statement.
To contact the reporters on this story: Joyce Moullakis in Sydney at [email protected] ; Mary Schlangenstein in Dallas at [email protected]...........
WTF..........THs was from Bloomberg just a few minutes ago.
These ba#$!@%# have had months to talk people into this and now after the deadline they try this stunt.If they can get this through we will all know that the whole thing is a sham....
By Joyce Moullakis and Mary Schlangenstein
May 5 (Bloomberg) -- Macquarie Bank Ltd. and its buyout partners said they won majority support from Qantas Airways Ltd. investors and would ask regulators to let their A$11.1 billion ($9.1 billion) bid for Australia's biggest airline continue.
Airline Partners Australia said in a statement that a large shareholder's acceptance of its offer late yesterday pushed it past the 50 percent mark. Earlier in the day, the group said its bid for Qantas had fallen short.
The bidders, including TPG Inc. and Onex Corp., may get an automatic 14-day extension under Australian takeover law to secure the 70 percent of Qantas needed for the A$5.45 a share cash bid to succeed. If the bid fails, all stock tendered will be returned to investors.
Qantas spokesman Simon Rushton said earlier that the airline's board would meet today ``to discuss the situation.'' He declined further comment.
The takeover bid has been accepted by 58 percent of all Qantas shareholders holding 50.6 percent of the airline's shares, Airline Partners said in the statement.
To contact the reporters on this story: Joyce Moullakis in Sydney at [email protected] ; Mary Schlangenstein in Dallas at [email protected]...........
WTF..........THs was from Bloomberg just a few minutes ago.
These ba#$!@%# have had months to talk people into this and now after the deadline they try this stunt.If they can get this through we will all know that the whole thing is a sham....
What is a deadline?
Hopefully the ASX will say, "A deadline is a DEADLINE". If that foreign institution couldn't get their act together and work out the time zone difference then their shares don't count.
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These guys are desperate. How many extensions has it been now? So they now want to be granted another 2 weeks, because they scrape in by 0.6% hours after the final deadline (and after they admitted defeat.) If approved by the Takeover Panel still a long way to go to get to 70%.
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The Takeovers Panel just has to ask APA one simple question:
Did you have 50% or more by 7pm last night?
Yes = 2 week extension
No = the bid is failed, return the shares (and probably start afresh)
end of story
Did you have 50% or more by 7pm last night?
Yes = 2 week extension
No = the bid is failed, return the shares (and probably start afresh)
end of story
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dagger throwing...
I eagerly await (with some relish), the blame game and dagger throwing that will ensue next week, now you will see what macbank are really made of.
and that is not intended as a compliment.
and that is not intended as a compliment.
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The con goes right to the top
They had their grease little mitts on $4 500 000 000, why be honest and fair now when everybody knows you are a crook and nothing going to be done about it.
This is Little Johnny and Big Business to a tee
Who keeps voting these sleeze buckets in? Oh hang on they will give me a tax cut.
This is Little Johnny and Big Business to a tee
Who keeps voting these sleeze buckets in? Oh hang on they will give me a tax cut.
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These are the people currently on the Takeovers Panel, as taken from
http://www.takeovers.gov.au I imagine APA are talking to them right now.
I trust that the current President of the Panel will appoint another member to sit in his place, along with all the other members that represent companies involved in this case.
As I said before, they just need to ask one simple question.
Panel Members
Panel members are appointed by the Governor General, on the nomination of the Minister, under s172 of the ASIC Act. There is a minimum of five members. The members are currently all part time members. They are nominated by the Minister on the basis of their knowledge or experience in one or more of the following fields:
The Governor-General may also appoint one member to be the President of the Panel under s173 of the ASIC Act (the "substantive President"). Various provisions in the Act and the ASIC Act make references to the President and his or her functions. When members of the Panel sit to consider proceedings (a "sitting Panel"), the substantive President may be the President of that Panel, or he or she may appoint another member to be the "sitting President" of that Panel.
Current Members
The following are currently members of the Panel.
Mr Simon McKeon, (President)Macquarie Bank Limited Melbourne
Ms Robyn AhernCompany Director Perth
Mr Martin AlciaturiMacquarie Bank Limited Perth
Ms Elizabeth Alexander AMAdvisor, Blake Dawson Waldron Melbourne
Mr Guy AlexanderAllens Arthur Robinson Sydney
Mr Michael AshforthGresham Partners Perth
Mr Tom Bathurst QCSydney Bar Sydney
Mr Garry BessonGilbert & Tobin Sydney
Mr Graham BradleyCompany Director Sydney
Ms Catherine BrennerABN AMRO Sydney
Mr Geoff BrunsdonMerrill Lynch Sydney
Mr Stephen CreeseRio Tinto Melbourne
Mr Hamish DouglassMagellan Financial Group Sydney
Ms Susan DoyleCompany Director Sydney
Ms Kathleen FarrellFreehills Sydney
Mr John FastBHP Billiton Melbourne
Ms Teresa HandicottCorrs Chambers Westgarth Brisbane
Mr Brett HeadingMcCullough Robertson Brisbane
Ms Meredith HellicarCompany Director Sydney
Mr Robert JohansonGrant Samuel Melbourne
Mr Braddon JolleyFreehills Sydney
Mr David JonesNew Zealand Takeovers Panel New Zealand
Mr John KeevesJohnson Winter & Slattery Adelaide
Mr Byron KosterBlake Dawson Waldron Sydney
Ms Alison LansleyMallesons Stephen Jaques Melbourne
Ms Irene LeeCompany Director Sydney
Mr Rodd LevyFreehills Melbourne
Mr Alastair LucasGoldman Sach JB Were Melbourne
Mr Andrew LumsdenCorrs Chambers Westgarth Sydney
Mr Kevin McCann AMConsultant Sydney
Ms Alice McClearyConsultant Adelaide
Ms Marie McDonaldBlake Dawson Waldron Melbourne
Mr Peter Mason AMUBS Investment Bank Sydney
Ms Marian MicalizziCompany Director Brisbane
Mr Simon MordantCaliburn Partnership Pty Ltd Sydney
Mr Norman O’Bryan SCBarrister Melbourne
Mr John O'SullivanCommonwealth Bank of Australia Sydney
Mr Mark PaganinClayton Utz Perth
Mr Chris PhotakisPitt Capital Partners Limited Sydney
Prof Ian RamsayThe University of Melbourne Melbourne
Mr Peter ScottUBS AG Melbourne
Ms Jennifer SeabrookGresham Partners Perth
Mr Robert SultanDeacons Melbourne
Mr Anthony SweetmanUBS AG Sydney
Mr Simon WithersPrivate Investor Perth
Mrs Nerolie WithnallCompany Director Brisbane
Ms Karen WoodBHP Billiton Melbourne
Ms Heather ZampattiBell Potter Securities Limited Perth
http://www.takeovers.gov.au I imagine APA are talking to them right now.
I trust that the current President of the Panel will appoint another member to sit in his place, along with all the other members that represent companies involved in this case.
As I said before, they just need to ask one simple question.
Panel Members
Panel members are appointed by the Governor General, on the nomination of the Minister, under s172 of the ASIC Act. There is a minimum of five members. The members are currently all part time members. They are nominated by the Minister on the basis of their knowledge or experience in one or more of the following fields:
- business;
- the administration of companies;
- the financial markets;
- law;
- economics;
- accounting.
The Governor-General may also appoint one member to be the President of the Panel under s173 of the ASIC Act (the "substantive President"). Various provisions in the Act and the ASIC Act make references to the President and his or her functions. When members of the Panel sit to consider proceedings (a "sitting Panel"), the substantive President may be the President of that Panel, or he or she may appoint another member to be the "sitting President" of that Panel.
Current Members
The following are currently members of the Panel.
Mr Simon McKeon, (President)Macquarie Bank Limited Melbourne
Ms Robyn AhernCompany Director Perth
Mr Martin AlciaturiMacquarie Bank Limited Perth
Ms Elizabeth Alexander AMAdvisor, Blake Dawson Waldron Melbourne
Mr Guy AlexanderAllens Arthur Robinson Sydney
Mr Michael AshforthGresham Partners Perth
Mr Tom Bathurst QCSydney Bar Sydney
Mr Garry BessonGilbert & Tobin Sydney
Mr Graham BradleyCompany Director Sydney
Ms Catherine BrennerABN AMRO Sydney
Mr Geoff BrunsdonMerrill Lynch Sydney
Mr Stephen CreeseRio Tinto Melbourne
Mr Hamish DouglassMagellan Financial Group Sydney
Ms Susan DoyleCompany Director Sydney
Ms Kathleen FarrellFreehills Sydney
Mr John FastBHP Billiton Melbourne
Ms Teresa HandicottCorrs Chambers Westgarth Brisbane
Mr Brett HeadingMcCullough Robertson Brisbane
Ms Meredith HellicarCompany Director Sydney
Mr Robert JohansonGrant Samuel Melbourne
Mr Braddon JolleyFreehills Sydney
Mr David JonesNew Zealand Takeovers Panel New Zealand
Mr John KeevesJohnson Winter & Slattery Adelaide
Mr Byron KosterBlake Dawson Waldron Sydney
Ms Alison LansleyMallesons Stephen Jaques Melbourne
Ms Irene LeeCompany Director Sydney
Mr Rodd LevyFreehills Melbourne
Mr Alastair LucasGoldman Sach JB Were Melbourne
Mr Andrew LumsdenCorrs Chambers Westgarth Sydney
Mr Kevin McCann AMConsultant Sydney
Ms Alice McClearyConsultant Adelaide
Ms Marie McDonaldBlake Dawson Waldron Melbourne
Mr Peter Mason AMUBS Investment Bank Sydney
Ms Marian MicalizziCompany Director Brisbane
Mr Simon MordantCaliburn Partnership Pty Ltd Sydney
Mr Norman O’Bryan SCBarrister Melbourne
Mr John O'SullivanCommonwealth Bank of Australia Sydney
Mr Mark PaganinClayton Utz Perth
Mr Chris PhotakisPitt Capital Partners Limited Sydney
Prof Ian RamsayThe University of Melbourne Melbourne
Mr Peter ScottUBS AG Melbourne
Ms Jennifer SeabrookGresham Partners Perth
Mr Robert SultanDeacons Melbourne
Mr Anthony SweetmanUBS AG Sydney
Mr Simon WithersPrivate Investor Perth
Mrs Nerolie WithnallCompany Director Brisbane
Ms Karen WoodBHP Billiton Melbourne
Ms Heather ZampattiBell Potter Securities Limited Perth
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If somehow APA manages to get an extension it shows how much big money actually controls things.
The deadline was for 7pm......... not around 7pm ......or 7pm give or take an hour or two or by 7am saturday morning or even 7pm Friday GMT.
The phones were probably running hot last night and offers being made by a number of people.
Let's just remember what the (known) takeover deal history was...
OK guys we will offer $5.45 for the company lock stock and barrel if we get at least 90%.We will give certain board members a motza if they endorse it as well....
OK then it looks as though there is some resistance so we will ask for an extension....
Damn..did they have to give that latest profit forecast out....
OK we went back to our banks..sorry the banks..and did a bit of tweaking and promised to pay a lot more interest so now we only need 70%..Bob tells us that is a cinch....
OK ..so a few equity groups are holding off....but we should still get to the deadline of Friday at 7pm....guys...guys..can we guys....why have you all left the room.....
OK..So we have got to just after Friday at 7pm and we have to admit we have not got 50%.......Are there any other business's we haven't bought in Australia yet ...
Saturday morning after a long night of phone calls and CHATS....Hey everyone we got over 50% ..
yeah I know it was after Friday nights deadline but that was only a joke wasn't it....you guys were not serious ..were you????
A deadline is a deadline.....if this gets over the line imagine what they will do if they have control of the company and they don't have to answer to anyone...
The deadline was for 7pm......... not around 7pm ......or 7pm give or take an hour or two or by 7am saturday morning or even 7pm Friday GMT.
The phones were probably running hot last night and offers being made by a number of people.
Let's just remember what the (known) takeover deal history was...
OK guys we will offer $5.45 for the company lock stock and barrel if we get at least 90%.We will give certain board members a motza if they endorse it as well....
OK then it looks as though there is some resistance so we will ask for an extension....
Damn..did they have to give that latest profit forecast out....
OK we went back to our banks..sorry the banks..and did a bit of tweaking and promised to pay a lot more interest so now we only need 70%..Bob tells us that is a cinch....
OK ..so a few equity groups are holding off....but we should still get to the deadline of Friday at 7pm....guys...guys..can we guys....why have you all left the room.....
OK..So we have got to just after Friday at 7pm and we have to admit we have not got 50%.......Are there any other business's we haven't bought in Australia yet ...
Saturday morning after a long night of phone calls and CHATS....Hey everyone we got over 50% ..
yeah I know it was after Friday nights deadline but that was only a joke wasn't it....you guys were not serious ..were you????
A deadline is a deadline.....if this gets over the line imagine what they will do if they have control of the company and they don't have to answer to anyone...
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from the SMH:
such is the price of hubris 
http://www.smh.com.au/news/business/...788400238.html
APA made a costly decision at the outset. It assumed, correctly, that there would be no rival offer. It believed, also correctly, that the biggest obstacle to the bid was political, so it focused on a political strategy. It didn't want to be forced to bid against itself, so it declared the offer final at the outset - and then was caught with no flexibility to respond to the rising sharemarket, Qantas's ever-strengthening performance, and the emergence of the hold-outs, which dramatically changed the view that the complete success of the bid was a fait accompli.
http://www.smh.com.au/news/business/...788400238.html
What Qantas needs are owners who genuinely support the airline!
Found this Ansett ad last night. Notice anyone?
http://www.youtube.com/watch?v=jMXQXmeqepo
Found this Ansett ad last night. Notice anyone?
http://www.youtube.com/watch?v=jMXQXmeqepo
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What part of the 7.00 p.m. E.S.T Oz deadline time didn't these clowns understand? 
Maybe they should have said "when the big hand is on 12 and the little hand is on 7 in Sydney" for the benefit of some of our "time challenged" bidders?
Maybe they should have said "when the big hand is on 12 and the little hand is on 7 in Sydney" for the benefit of some of our "time challenged" bidders?
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Well there is an 11th hour discussions going on at the moment, so it ain't over.
Would this be a legal take over, after the deadline?
Of course it would be. Why? Because the Liberal government endorsed the take over in the first place, why wouldn't they let this happen?
Just like the liberal government through workchoices made legisaltion to support their mates in big business make a bigger$$$ at the expense of working Australians.
Now as an unskilled worker I must ask, why is this allowed to happen?
If this deal does not go through, I believe the right thing to do would be to spend their bonus allocation on putting back frontline staff. More groundstaff, MAAS agents, cabin crew and pilots, call centre staff, reservations.... All this company has done it take away from the customer, to then sell off the company to APA?
Whose fault is it? Each department at q is run like its own business, accountable to know one, 'as long as t is not in my budget'. Are management aware of the level of disengagement? Staff and customers?
Or do they actually believe the 'spin' that comes from surveys when portrayed in a 'positive light'.
Would this be a legal take over, after the deadline?
Of course it would be. Why? Because the Liberal government endorsed the take over in the first place, why wouldn't they let this happen?
Just like the liberal government through workchoices made legisaltion to support their mates in big business make a bigger$$$ at the expense of working Australians.
Now as an unskilled worker I must ask, why is this allowed to happen?
If this deal does not go through, I believe the right thing to do would be to spend their bonus allocation on putting back frontline staff. More groundstaff, MAAS agents, cabin crew and pilots, call centre staff, reservations.... All this company has done it take away from the customer, to then sell off the company to APA?
Whose fault is it? Each department at q is run like its own business, accountable to know one, 'as long as t is not in my budget'. Are management aware of the level of disengagement? Staff and customers?
Or do they actually believe the 'spin' that comes from surveys when portrayed in a 'positive light'.