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Macquarie Asset Management has locked in an exclusive deal to firm up an $11.6 billion takeover of ports operator Qube Holdings (ASX: QUB) with the latest play pitched at a premium to an earlier offer from the Macquarie Group (ASX: MQG) subsidiary.
The conditional offer for Australia’s largest provider of integrated import and export logistics services is pitched at $5.20 per share which is a 28 per cent premium to Qube’s closing price last Friday of $4.07.
Qube’s shares surged to a high of $4.87 shortly after the open this morning, still well short of the indicative offer price.
Qube says the offer of $5.20 per share is higher than an earlier unsolicited offer from Macquarie Asset Management (MAM), which at the time led to a limited due diligence process.
After receiving the latest non-binding offer, Qube has agreed to an exclusivity period for MAM until 1 February next year to undertake a more thorough due diligence process that could lead to a firm offer for Qube which has operations in more than 200 locations across Australia, New Zealand and South-East Asia.
MAM says the cash offer implies an enterprise valuation of about $11.6 billion for Qube and a multiple of 14.4 times FY25 EBITDA.
Qube posted record earnings in FY25 aided by higher margins and contributions from acquisitions.
Underlying group revenue surged 27.3 per cent to $4.46 billion while underlying EBITA rose 18.5 per cent to $377.2 million last financial year.
“The proposal from Macquarie Asset Management is a reflection of the strength of Qube’s business model and our assets, and the quality of our people and culture,” says Qube chairman John Bevan.
“We look forward to continuing to engage constructively in the best interests of our shareholders.”
MAM has indicated that the takeover price will be reduced by any future dividends paid by Qube.
The Qube board has already indicated that it will unanimously vote to accept a binding offer from MAM should it eventuate, citing that the deal is in the best interests of shareholders.
“This intention is subject to entry into a binding implementation agreement with respect to a transaction at a price equal to or greater than $5.20 per share and on terms otherwise satisfactory to Qube,” says the company’s board.
A takeover remains subject to regulatory approvals from the Foreign Investment Review Board and the Australian Competition & Consumer Commission.
Qube’s shares were trading at $4.83, up 76c, at 10.27am (AEDT).
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