Qube Holdings has entered exclusive discussions with Macquarie Asset Management following an indicative takeover proposal of $5.20 per share. The offer values the logistics group at approximately $11.6 billion. Qube is an Australian logistics and infrastructure company. It specialises in providing import and export logistics services.
Macquarie’s all-cash offer represents a substantial 27.8 per cent premium to Qube’s most recent closing price. This proposal follows a previous unsolicited bid made at a lower valuation. A process and exclusivity deed has been signed, granting Macquarie Asset Management due diligence access until February 1.
The Qube board noted that the proposed price, subject to adjustments for future dividends, reflects a 24 per cent premium over the post-results volume-weighted average price. Factoring out the value of Qube’s 50 per cent stake in Patrick Container Terminals, the premium rises to 45.2 per cent. The implied FY25 enterprise value to earnings before interest, taxes, depreciation, and amortisation (EV/EBITDA) multiple stands at 14.4.
The takeover proposal remains contingent upon several conditions. These include satisfactory due diligence, board approvals, the absence of any material adverse change, and the necessary regulatory clearances from both the Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC).
