QF buyout dead for now
Apr 15, 2007, 9:20 pm
#32
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Of course, APA is neither publicizing this nor making it easy ...
Apr 16, 2007, 1:12 pm
#33
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Apr 16, 2007, 8:18 pm
#34
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Interesting release by Qantas today showing it's going 'gangbusters' to quote the self proclaimed "Placido Domingo of Australian politics".
Qantas - Preliminary Monthly Traffic and Capacity Statistics. (Feb '07).
Qantas - Preliminary Monthly Traffic and Capacity Statistics. (Feb '07).
Apr 19, 2007, 9:01 pm
#35
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APA has to release an update when it's holding change by more than 1%. It has released 2 updates in the last 2 days; each indicating a nett decrease in holdings.
Since 26th March, these holdings have decreased from 30.06% to 27.48%.
The decrease is due to institutional acceptors using their right to back out; reclaiming over 3% of the shares. APA standard acceptance of the offer has increased by less than half a percent of the shares.
Since 26th March, these holdings have decreased from 30.06% to 27.48%.
The decrease is due to institutional acceptors using their right to back out; reclaiming over 3% of the shares. APA standard acceptance of the offer has increased by less than half a percent of the shares.
May 3, 2007, 1:59 am
#37
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The consortium, including Macquarie Bank Ltd. (MBL.AX: Quote, Profile , Research) and private equity firm Texas Pacific Group [TPG.UL], was still well short of the stake it needs by Friday for a successful bid, although some analysts were tipping a late rush of acceptances.
The consortium, Airline Partners Australia (APA), said its voting power had increased from 17.63 percent previously.
The number of shareholder acceptances for the bid rose to 32.96 percent from 25.94 percent as reported on Wednesday.
Shareholder acceptances include a facility where institutions can accept but retain the right to withdraw.
APA needs 70 percent of shareholder acceptances for its A$11 billion ($9.1 billion) bid to be successful. The offer closes at 7 p.m. (0900 GMT) on Friday but can be extended by two weeks if APA reaches more than 50 percent before then.
etc
http://yahoo.reuters.com/news/articl...mktNews&rpc=44
Glen
The consortium, Airline Partners Australia (APA), said its voting power had increased from 17.63 percent previously.
The number of shareholder acceptances for the bid rose to 32.96 percent from 25.94 percent as reported on Wednesday.
Shareholder acceptances include a facility where institutions can accept but retain the right to withdraw.
APA needs 70 percent of shareholder acceptances for its A$11 billion ($9.1 billion) bid to be successful. The offer closes at 7 p.m. (0900 GMT) on Friday but can be extended by two weeks if APA reaches more than 50 percent before then.
etc
http://yahoo.reuters.com/news/articl...mktNews&rpc=44
Glen
May 4, 2007, 5:26 am
#38
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^ APA have confirmed they only received 46% so the deal is off
http://www.smh.com.au/news/business/...788399360.html
http://www.smh.com.au/news/business/...788399360.html
May 4, 2007, 5:28 am
#39
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$11.1 billion Qantas grab fails
The proposed $11.1 billion private equity buyout for Qantas has failed.
The Airline Partners Australia (APA) consortium confirmed tonight they had only secured 46 per cent of the national carrier after a deadline for the takeover offer expired at 7pm.
The Airline Partners Australia (APA) consortium confirmed tonight they had only secured 46 per cent of the national carrier after a deadline for the takeover offer expired at 7pm.
May 4, 2007, 6:19 am
#40
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This is really good news! Even so we will see many changes happening anyway I guess.
May 4, 2007, 6:48 am
#44
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Because APAs strategy would not have created any additional value above and beyond what QF can do as a public company. There are good reasons to take companies privat and privat equity has done amazing things for some businesses.
But the strategy for QF APA presented would have left the company in a weaker position than it is today.
In addition, the offer price was just too low. APA has done amazing research back in 2006 to see how undervalued QF was. Their problem was that a) the information about a possible bid was leaking out very early and b) that the process took too long so the Hedge Funds realized that QF is worth a lot more than $11.1 bn.
But the strategy for QF APA presented would have left the company in a weaker position than it is today.
In addition, the offer price was just too low. APA has done amazing research back in 2006 to see how undervalued QF was. Their problem was that a) the information about a possible bid was leaking out very early and b) that the process took too long so the Hedge Funds realized that QF is worth a lot more than $11.1 bn.
May 4, 2007, 6:52 am
#45
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Dave, I think it will be good news for the shareholders. If they are clever and work with the management on further reducing cost and increasing efficiency they will see the value of their shares go way beyond the current level. And QF can consider returning some more cash to the shareholders via a special dividend.