Macquarie Asset Management has lodged an $11.6 billion indicative takeover proposal for Qube Holdings, prompting the logistics company to grant the investor an exclusivity period as discussions progress.
In an ASX announcement, Qube confirmed Macquarie Asset Management (MAM) has offered $5.20 per share in cash via a proposed scheme of arrangement, representing a significant premium to the company’s recent trading price. The proposal follows an earlier, lower unsolicited offer and comes after Qube provided limited due diligence access to facilitate an improved bid.
The two parties have entered a Process and Exclusivity Deed, giving Macquarie exclusive access to due diligence materials until 1 February 2026, with the option to extend to 15 February if certain conditions are met. The deed includes no-shop and no-talk provisions, along with matching rights should a competing offer arise.
Qube’s board said it considers the process appropriate and has indicated it intends to unanimously recommend the proposal if a binding scheme is agreed, an independent expert confirms the transaction is in shareholders’ best interests, and no superior proposal emerges.
Qube Chair John Bevan said the bid underscores the strength of the company’s market position.
“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,” he said.
Bevan added the company intends to continue engaging with the bidder as the process unfolds, stating: “We look forward to continuing to engage constructively in the best interests of our shareholders.”
Despite progressing the proposal, Qube cautioned there is no certainty the indicative offer will lead to a binding agreement. The transaction remains subject to due diligence, regulatory approvals and final board approvals from both sides.
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