Shares of Australian industrial logistics group Qube Holdings surged to a record high on Monday after it announced receiving an A$11.6 billion (US$7.5 billion) buyout proposal from Macquarie Asset Management (MAM).
Qube’s stock jumped as much as 19.7% to an all-time high of A$4.890, closing at A$4.86. This performance significantly outpaced the broader market’s 1.3% gain. The cash offer of A$5.20 per share represents a 27.8% premium to Qube’s closing price on the previous Friday. In a statement to the Australian Securities Exchange, Qube confirmed this was MAM’s second attempt to acquire the company. The board has granted MAM a period of exclusive due diligence, which is set to conclude on February 1. The deal remains subject to regulatory approvals, satisfactory due diligence, and the receipt of a binding offer. According to Qube’s financial statements, the bid implies an enterprise value of A$11.6 billion, which includes approximately A$2.3 billion of net debt. Qube is Australia’s largest integrated provider of import and export logistics, operating a network of ports, intermodal terminals, and bulk handling facilities across the country. Qube Chairman John Bevan stated that the proposal highlights the strength of the company’s assets and operations. All Qube directors have indicated they would recommend shareholders accept the offer in the absence of a superior proposal, pending an independent expert’s review. Analysts from Ord Minnett suggested the possibility of another bidder emerging, citing recent activity by global shipping lines and infrastructure funds’ interest in transport assets. If completed, this transaction would be the largest deal in Australia this year. Year-to-date, A$72.67 billion worth of deals have been announced in the country, the highest level in three years, according to LSEG data. Market lawyers and advisors attribute the increased deal activity to prospects of lower interest rates and renewed foreign investor interest in Australian assets. MAM declined to comment on the proposal. The logistics company noted that the A$5.20 per share offer price would be adjusted to account for any dividends paid before the deal’s completion.
