QANTAS being taken over by Macquarie Bank..

[JohnK]

Be interesting to see. I believe this whole episode leaves a very sour taste in the mouth in regard to the way APA have played the game, and to the relative inaction of the Qantas board.

Very good point and my guess is very close to the real truth!

 

[serfty]

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).

 

[serfty]

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.

 

[QF WP]

The Qantas board and its suitor, Airline Partners Australia, are in sync. Even as the board was urging APA to bring its $11 billion offer to a conclusion, APA was planning its endgame...

Airline Partners Australia lost control of more than 33 million Qantas shares in just two days this week but fund managers say the deal is not dead yet...

 

[QF WP]

A little bit of light hearted relief on the subject matter, courtesy of The Chasers

 

[QF WP]

Airline Partners Australia makes final call on its long-running $11.1 billion Qantas takeover bid...

 

[serfty]

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. ...

Even though there is no legal requirement to do so, APA released on Tuesday another Change in Substantial Holdings" report; merely it seem to indicate that their holdings have risen.

Not by the 1% where they have to publish such a notice, but by 0.32%, less then a third of the legal trigger.

APA are still 2.26% down on acceptances since the figure published on 27th March.

 

[JohnK]

APA are still 2.26% down on acceptances since the figure published on 27th March.

Must say it is not looking good for APA but things can change very quickly in this game.

 

[oz_mark]

Must say it is not looking good for APA but things can change very quickly in this game.

As the final date closes in, and funds make their choices things could change rapidly. Next week will certainly be an interesting week.

 

[Tooner]

Must say it is not looking good for APA but things can change very quickly in this game.

Street Talk in the AFR today explains the possibilities quite well.

 

[JohnK]

Here is an interesting story from the Age.

Qantas: should shareholders stay or go?

Malcolm Maiden
April 26, 2007

Who would be pleased if Airline Partners of Australia's $11 billion takeover for Qantas fails? Almost everybody. This is one of the least popular takeover attempts in Australian corporate history, and the Government would rather it had not happened on its watch.

More...

 

[Takeshi]

What did it say ?

 

[Tooner]

What did it say ?

I am guessing your question was to me Takeshi; Essentially brokers apparently are telling hedge fund clients not to accept this week (as this would see APA over 50% but less than 70%) because the APA would not be able to remove the minimum acceptance condition (takeover law prevents a change within 7 days of the closing date, which is firmly 4 May after APA would not extend). If they got to 50% by 27 April, they would be in no mans land.

If APA gets to 50% but less than 70% next week, the bid is automatically extended by 14 days, and APA can then adjust the terms.

That's simple isn't it :shock:

 

[turtlemichael]

Re: Qantas (QF) in the news

An article from the Sydney Morning Herald helpful to all of us financial bunnies trying to understand the Qantas takeover bid.

It's crunch time for Airline Partners Australia's $11.1bn Qantas takeover bid. Malcolm Maiden answers some frequently asked questions.

 

[JohnK]

That story is the same as the one I posted above. Does Malcolm Maiden write for The Age and Sydney Morning Herald.

Someone will tell me the 2 newspapers are directly related!

 

[QF WP]

Sorry, JohnK. I moved the post from another thread and hadn't checked whether it had already been posted.

Maybe the article is syndicated??

 

[Ric]

John,
If you go to www.smh,com.au and scroll down to the bottom, you will see the relationship of the Age, SMH and the Brisbane Times.
Ric

 

[JohnK]

Thanks Ric. I was not aware.

 

[Takeshi]

Will APA get Qantas ??? what is you bet ??

I think they will get it. (unfortunately)

But if I was a hedge fund I would sell now just 90% of my stock and keep another 10% for a higher offer later if APA try to get all of Qantas the hard way by paying a premium for the remaining shares and I am sure UBS and Global Equity will want good cash if APA want Qantas that bad.

 

[QF WP]

I don't think they have a hope in Hades to get the minimum requirement of 70% (a which point they could vary the offer), let alone the current (real) requirement of 90%. To much bad press on what they intend to do in the first 2 year (pay themselves massive dividends) and then sell it back to the public, laden with debt.

Sorry, I'm keeping my shares.