Shares in Qube Holdings have surged following an indicative takeover proposal from Macquarie Asset Management (MAM). The offer, priced at $5.20 cash per share, represents a 27.8 per cent premium to last Friday’s closing price. According to RBC Capital Markets analyst Owen Birrell, the proposal reflects a full valuation of the business, implying a 14.4 times multiple of the FY25 EBITDA. Qube Holdings provides integrated logistics solutions, operating ports and managing freight across Australia. Macquarie Asset Management is a global asset manager that provides a diverse range of investment solutions.
The Qube board has unanimously recommended that shareholders accept the offer, contingent on due diligence, regulatory approvals, and a binding scheme implementation agreement. Birrell noted that the current proposal follows an earlier, lower offer from MAM, reflecting a significant value uplift. The current offer is roughly 21 per cent above RBC’s existing 12-month price target of $4.30 for Qube shares.
The exclusivity period granted to MAM extends to February 1, allowing the company to conduct advanced due diligence. RBC views the proposed deal as positive for Qube shareholders, providing certainty and a full-price exit for investors. The market is now focused on whether the process deed will ultimately lead to a binding agreement between the parties.
