Qube Holdings Ltd (ASX: QUB) has entered into a process and exclusivity deed with Macquarie Asset Management (MAM) after receiving a conditional, non-binding proposal to acquire the logistics operator for $5.20 per share in cash, valuing the company at $11.6 billion.
The proposal follows an earlier unsolicited approach at a lower value, with Qube having granted limited due-diligence access to help facilitate the improved terms.
Shares surge 20% to record high but still trail offer price
Qube’s shares soared to a record high on the news, with investors pushing the stock 20% higher to $4.87.
However, they remain well below the indicative offer price of $5.20 per share, reflecting the fact that the proposal is still subject to due diligence, regulatory approvals and the negotiation of a binding scheme implementation agreement.
Under the Process Deed, MAM has been granted exclusive due diligence access until February 1, 2026. Qube’s board has indicated it intends to unanimously recommend the scheme—in the absence of a superior proposal and subject to an independent expert determining the transaction is in shareholders’ best interests—provided a binding agreement is entered into at a price equal to or above $5.20 per share.
“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. We look forward to continuing to engage constructively in the best interests of our shareholders,” Qube chairman, John Bevan, said,
No certainty of a deal; shareholders urged to sit tight
There is no certainty the indicative offer will lead to a binding agreement. The proposal is conditional on satisfactory completion of due diligence, final board approvals, regulatory clearances and formal documentation.
Qube has advised shareholders that they do not need to take any action at this stage.