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Qantas Rejects Takeover Bid

December 13th 2006 07:00
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The Australian reports that Qantas' non-executive directors have rejected a bid from a consortium led by Allco Equity partners, Allco Finance group, Macquarie bank, Onex and Texas Pacific Group to acquire 100% of the company.

The consortium offered $5.50 per share, and most analysts predicted that Qantas' board would accept this bid. However, Qantas said the terms were unacceptable and a statement from the company reads: "The proposed offer price is $5.50 per share and incorporates a number of complex conditions, the requirement for unanimous support by Qantas directors and a break fee."
“Implementation is proposed to be effected by way of an off-market takeover bid with a 90 per cent minimum acceptance condition."
“The non-executive directors consider that the terms of the proposal are not acceptable."

Qantas shares have dropped 19c to $5.04 since the announcement. What will happen now, will the consortium try again?
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