97:"APA has concluded that in the current environment and circumstances, a renewed offer on terms acceptable to APA would not be likely to succeed... On that basis APA has decided not to proceed with a renewed offer for Qantas at this time. APA thanks Qantas' board, management and employees for their professionalism during the bid process and wishes Qantas every success for the future."
71:(Chairman) said the proposal provided an attractive premium for Qantas shareholders, being 33 percent higher than the closing share price of $ 4.20 on 6 November 2006, the day before the first speculation about the offer; and 61 percent above Qantas' volume weighted average share price of $ 3.48 over the six months to that date.
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The takeover bid endorsed the existing management and structure of Qantas. The initial bid required 70% shareholder approval, however this was later reduced to 50%. Airline
Partners Australia initially announced that it had failed in its bid for Qantas, having gained approval from only 46.5% of the
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The initial proposal at $ 5.50 per share was rejected. The revised proposal followed negotiations with APA since the Board's rejection of its initial proposal. These negotiations resulted in the removal of unacceptable conditions and a substantial break fee as well as an increase in the price from $
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Under the terms of the offer, the interim dividend that would otherwise have been payable in April 2007 would not be available. The Board decided that a fully franked special dividend could be paid during the bid period, in which case the offer consideration would be reduced by the dividend amount.
27:
in
December 2006. The takeover offer received the endorsement of the Qantas board in the absence of a better offer, however the proposed takeover failed to gain the required level of shareholder support, despite the extension of deadlines and reduction in requirements for acceptance.
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in an attempt to have that acceptance included. However, on Sunday 6 May 2007, the
Takeovers Panel ruled that Airline Partners Australia did not have the minimum holding required at 7.00pm, Friday 4 May, as stipulated in the bid. They also saw no sufficient basis to re-open the bid.
113:(Australia's largest airport). There was concern that Macquarie Bank, being a major shareholder in both Qantas and Sydney Airport, would have incentive to place restrictions on commercial competitors using Sydney Airport, or favour Qantas in business dealings.
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The failed takeover bid caused concern amongst shareholders as to the ongoing viability of the Qantas board, which had recommended that shareholders accept the offer.
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Airline unions raised concerns about the proposed takeover, amidst concerns that there would be heavy redundancies, or high numbers of jobs sent offshore.
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86:'s hedge fund. This acceptance that would have taken the acceptance level above 50% and therefore allowed the bid to succeed. APA appealed to the
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56:, was structured to comply with strict Australian ownership laws for Qantas (which must be at least 51% owned by Australians).
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Some fortnight later, after continued speculation of another takeover offer, APA issued a press release announcing that:
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Later that evening, however, APA received an acceptance from an additional 4.96% of Qantas shares, held by a
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Numerous concerns were raised in relation to the proposed takeover. These included
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company, when the offer closed at 7.00pm (Sydney Time) on Friday 4 May 2007.
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142:"Qantas Board recommends Airline Partners Australia cash offer"
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5.45 per share takeover offer for
Australian airline
198:"Giant bluff goes badly wrong, no hedging it"
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172:"Qantas deal is do or die, says think tank"
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148:. 14 December 2006. Archived from
19:(APA) is a consortium that made a
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223:"Failure may spur New Qantas Bid"
299:Defunct companies of Australia
170:Geoffrey Thomas (2007-01-12).
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258:. 2002-06-25. Archived from
36:The consortium, comprising
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88:Australian Takeovers Panel
65:5.50 to $ 5.60 per share.
17:Airline Partners Australia
109:'s controlling stake in
231:. Melbourne. 2007-05-07
250:"Controlling interest"
50:Allco Equity Partners
46:Allco Finance Group
38:Texas Pacific Group
32:Company information
144:(Press release).
101:Takeover concerns
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284:Official website
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84:Samuel J. Heyman
69:Margaret Jackson
54:Onex Corporation
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278:External links
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177:The Australian
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146:Macquarie Bank
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111:Sydney Airport
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42:Macquarie Bank
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60:Takeover bid
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255:News.com.au
266:2007-05-03
235:2007-05-07
208:2008-09-04
183:2007-01-13
156:2007-01-13
128:References
120:Aftermath
293:Category
228:The Age
25:Qantas
52:and
21:A$
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