APA Bid fails to get 50% (Merged)
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APA Bid Failed
SMH.COM.AU reports.. "The proposed $11.1 billion private equity buyout for the national carrier, Qantas, has failed". Hopefully the Board will be appropriately amended as a result.
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U Beauty!!
As reported in the Sydney Morning Herald ---
$11.1 billion Qantas grab fails
Scott Rochfort
May 4, 2007 - 9:08PM
The proposed $11.1 billion private equity buyout for Qantas has failed.
The Airline Partners Australia (APA) consortium confirmed tonight they had only secured 46 per cent of the national carrier after a deadline for the takeover offer expired at 7pm.
The consortium needed 50 per cent of the airline for the offer of $5.45 per Qantas share to be extended another two weeks.
APA set a target of gaining acceptances of 70 per cent, after lowering its original target of 90 per cent.
Shareholder acceptances for the bid for Qantas had risen seven per cent, according to a notice lodged with the Australian Stock Exchange yesterday.
At the time, APA said it had total acceptances for 32.96 per cent of the airlines's shares, up from 25.94 per cent, as of Wednesday.
Its voting power over Qantas shares had risen to 27.78 per cent, from 17.63 per cent.
Shares held under an institutional acceptance facility - where institutions have the right to withdraw their acceptance - had fallen to 5.19 per cent from 8.31 per cent as of Wednesday.
APA was counting on a last-minute rush of acceptances from hedge funds to get the deal over the line.
- with AAP
$11.1 billion Qantas grab fails
Scott Rochfort
May 4, 2007 - 9:08PM
The proposed $11.1 billion private equity buyout for Qantas has failed.
The Airline Partners Australia (APA) consortium confirmed tonight they had only secured 46 per cent of the national carrier after a deadline for the takeover offer expired at 7pm.
The consortium needed 50 per cent of the airline for the offer of $5.45 per Qantas share to be extended another two weeks.
APA set a target of gaining acceptances of 70 per cent, after lowering its original target of 90 per cent.
Shareholder acceptances for the bid for Qantas had risen seven per cent, according to a notice lodged with the Australian Stock Exchange yesterday.
At the time, APA said it had total acceptances for 32.96 per cent of the airlines's shares, up from 25.94 per cent, as of Wednesday.
Its voting power over Qantas shares had risen to 27.78 per cent, from 17.63 per cent.
Shares held under an institutional acceptance facility - where institutions have the right to withdraw their acceptance - had fallen to 5.19 per cent from 8.31 per cent as of Wednesday.
APA was counting on a last-minute rush of acceptances from hedge funds to get the deal over the line.
- with AAP
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Fantastic news for most of us ......Bad news for a few here that wanted the deal to go through.
Darth and princess Leia will have a few questions to answer....
Darth and princess Leia will have a few questions to answer....
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YesTAM,
Or didn't, as the case may be!!
Captainrats,
Aren't they the same mob?!
So... one can be forgiven for wondering how the Board, which unanimously backed APA, can continue having supported a failed bid.
Wonder if any of the Macquarie Bankers will be kicked into touch.
Oh this is going to be fun to watch.
Or didn't, as the case may be!!
Captainrats,
Aren't they the same mob?!
So... one can be forgiven for wondering how the Board, which unanimously backed APA, can continue having supported a failed bid.
Wonder if any of the Macquarie Bankers will be kicked into touch.
Oh this is going to be fun to watch.
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Alumni meetings are going to be a treat. Never did like the way St. Marg was held up as a saint by the Director of the school at the same time as he was labelling me as a mug for being human.
Maybe....just maybe....Mr.Borghetti's very human and thoughtful announcement regarding the Cairns AO staff is a promise of things to come.....as in: " "the most important asset of our business is our staff".....mind you I'm not holding my breath.
Maybe....just maybe....Mr.Borghetti's very human and thoughtful announcement regarding the Cairns AO staff is a promise of things to come.....as in: " "the most important asset of our business is our staff".....mind you I'm not holding my breath.
Last edited by YesTAM; 4th May 2007 at 12:05.
Great news but I believe that they will make another try in a couple of months time. Dixon has squirelled away too much money for those greedy bankers to resist. 
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Anyone know if there was a break/failure fee in all this?
I would imagine that there might be a few angry shareholders out there. Someone with sufficient shares, needs to call an EGM demanding a few heads roll.
I would imagine that there might be a few angry shareholders out there. Someone with sufficient shares, needs to call an EGM demanding a few heads roll.
Apart from Mac Banks $300million plus in fees, I wonder if any of the senior execs had started to spend their promised blood money - his & hers Lamborghinis, a Sunseeker mega yacht etc. They must be feeling shattered.
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Contact
Anyone have Dixon/Jackson`s phone number.?...I would like to shout them a beer.....their arrogance, deceipt and downright stupidity led to this deal not getting up.
Thanks Mrs.Dixon........ for making your son Geoffrey such a buffoon
Thanks Mrs.Dixon........ for making your son Geoffrey such a buffoon
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Less than 50% after 4 months.. how embarrassing, considering the clout that the hedge funds hold (or is it held).suppose geoff will go back to being an industrial thug when Mr Howard loses in September.. and I wonder if Maggie will get another shot at GG?. They could hardly stay on considering their vociferous support of the bid that was so poorly taken up. Could they........?