QANTAS being taken over by Macquarie Bank..

[Myrna]

This is clear why Qantas management is keen to make the deal happens "Senior Qantas management is looking at up to $200million in pay rises and bonuses if the deal goes through." - SMH, Sunday 6th May 2007.

Regarding the fall in Qantas share price when the deal flops - this is expected, however the loss is only realised (crystallised) when the shares are sold (like all shares - remember when BHP share prices were around $12 years ago).

 

[macca172]

As I mentioned a few pages back and now its come a head, you can back it in "even money" that Jackson and Dixon are in Coward Street this weekend cleaning those draws out.. ..(the desk draws that is, however I think they other draws maybe in need of a change as well)and so they should be!
Ok who was the smarty who dropped off the Centrelink Offices address book in the boardroom............oops, there is James Strong lurking in the corridor's...ok Im off to book some QFF legs, before the current reshaping of the pear gets worse and my FF points go out the fifth floor, with the expected wake turbulance!

 

[Kendall Roy]

As I mentioned a few pages back and now its come a head, you can back it in "even money" that Jackson and Dixon are in Coward Street this weekend cleaning those draws out..

Well I work across the road from QF HO. I might be a gentlemen and go across and offer my assistance

 

[oz_mark]

From the Herald Sun

Takeover unlikely: analysts | Sunday Herald Sun

THE takeovers umpire is unlikely to clear the way for a private equity consortium's bid for Qantas, analysts say.

Uncertainty surrounding the offer is also raising questions about the future position of the airline's chiefs.
[...more...]

and as for the question of whether there is any precendent.

....
I think the Takeovers Panel faces a very difficult decision," Shaw Stockbroking analyst Brent Mitchell told ABC television.

"There is no previous precedents and if they allow this to continue they're setting a precedent that they may not want to honour in the future, so obviously I think it's more likely to stop the bid at this point and not allow it to continue."
....

and in another article we get Terry McCranns take on it Will Qantas redeem itself? | Sunday Herald Sun

THE Airline Partners Australia takeover bid for Qantas has failed. At its 7pm close on Friday, acceptances had not reached the minimum 50 per cent needed.

It would be completely unconscionable for a quasi-judicial body to seek to overturn this -- allowing the late acceptance from a New York hedge fund to "take" acceptances to 50.6 per cent.

Especially not a quasi-judicial body that might be acting illegally if it tried to do that.
[...more...]

 

[PaulZ]

The Takeovers Panel has made their decision. They will not look at the APA Application. Look's like the Takeover is finally OVER!!

(APA is seeking a Review of it!)

Qantas takeover deal grounded | NEWS.com.au Business

 

[oz_mark]

The Takeovers Panel has made their decision. They will not look at the APA Application. Look's like the Takeover is finally OVER!!

(APA is seeking a Review of it!)

Qantas takeover deal grounded | NEWS.com.au Business

I pretty much agree with everything The Panel has said in its decision. However, APA does not seem like it is just going to go away, whereas if they want to do something is go away and come back with another bid.

 

[Kendall Roy]

Looks like common sense exists in this country

Hopefully that'll rub defeat in a little more to APA

 

[stuartfaz]

thank god the takeover panel showed APA the door this time.

Which begs the question...how long is it going to take for another tilt at QANTAS by APA or otherwise?

And what's going to happen to the shares APA own? Will they sell them or keep them?

 

[Mal]

The panel made the right decision. I'm glad the floodgates to similar tricks havn't been opened.

Seeing they're appealing the decision, I wonder how that will work and how long it will take.

I'm not sure APA will make another tilt at Qantas. They'd have to up the price considerably to get Qantas, and I'm not sure that is in their grand scheme of things. Instead they'll chase the current bid like terrier's trying to get every last chance at keeping their bone.

Tough times for the Qantas board tomorrow. Who should roll? Will they roll? And what will all the hedge funds do with their blocking shares...

 

[ric_melb]

So a sophisticated investor in the United States (has the foreign ownership limit in Qantas been breached?) does not accept the offer for any of its large holding in Qantas by the deadline. Then APA cajole it into accepting for enough shares to get up to 50%. The Takeover Panel seem to have acted promptly and wisely in rejecting APA's request to allow a late acceptance.

The Eighth Supplementary Bidder's Statement is quite clear:

"This means that the offer will close at 7pm on Friday 4 May 2007"

Its about time APA played by the rules.
The offer failed, let the shareholders retain their Qantas shares and the management of Qantas get on with the job of running the airline.

 

[Ikara]

Re my last post......it would seem that the fat lady has indeed sung!

The question is, does she have the "balls" to hold the high C until the aria is completely finished and they bring the curtain down on the final act?

Or will we see Sir Andrew Lloyd Costello rewite the entire last act?

JB

 

[Tooner]

"This means that the offer will close at 7pm on Friday 4 May 2007"

As we peer further into the looking glass, Alice was heard to ask "did they specify Australian Eastern Standard Time?"

 

[Mal]

As we peer further into the looking glass, Alice was heard to ask "did they specify Australian Eastern Standard Time?"

With an APA 'home' address of Sydney, and Qantas being an Australian share, I believe that the powers that be would assume it is AEST.

I went through some of the takeover documentation, and couldn't find a timezone specified. Actually, this is pretty shoddy IMHO from their advisors and document writers. I think adding to the credence of AEST, is the fact that APA announced that they were pretty sure it had failed. You don't do that unless the offer has *closed*.

Still I don't think it makes any difference in this case. The Takeover Panel seems pretty sure that they don't need to even entertain the idea that the late acceptance was valid.

 

[JohnK]

Wow! What have i missed?

Farewell APA! Never to be seen or heard from again....

 

[PaulZ]

And what's going to happen to the shares APA own? Will they sell them or keep them?

APA doesn't really own any shares (except for the few million Macquarie owned for their normal business activities).

The 50.6% or the lesser 46% will be released from escrow and will be able to be traded once the takeover offer is withdrawn/closed not reaching the minimum acceptance level. APA never owned those shares, they just had control over them and could prevent them being traded in.

I think that APA will do everything it can to ensure trading in Qantas is suspended until they can go to court to get this sorted out. I wouldn't be surprised if it ended up in the Federal Court ASAP.

Though I don't think they will have a leg to stand on. It clearly stated in their last bidders statement that the offer closed 7pm Friday and their significant advertising stating the offer will not be extended unless they received >50% (which happens to be a statutory requirement). They can hardly demand extra time just because it suits them.

 

[macca172]

With APA announcing that their bid had failed(or words similiar) shorty after 7pm on Friday night, surely based on this fact, their bid was based on 7pm AEST?

I wonder if this debacle will find its way to the Federal Court system, appealing the decision of the panel?

In closing, to date 60 pages dedicated to this subject. Is this a record for the forum?

Macca

 

[Standby]

Wow! What have i missed?

Farewell APA! Never to be seen or heard from again....

I guess after spending 30M on the deal never to be heard again may be a bit rash.
they deserve to fail for their arrogance alone
It occured to me today the ICB (Int cricket board) must have been involved as both the world cup and the QF buyout were handled with the same ineptitude...head may roll on the QF board but I would want to be the person who put the strategy together for chasing up acceptances at APA...of to Centerlink for all of you.
During the last couple of weeks I have taken 4 trips on QFD and I have to say the staff ,given the uncertainty,were their usual proffesional selves...thats another reason the bid was at least $1 short to reasonable
I should admit I have had a small number of Qantas shares from the orig float ...heck they give good dividends every year...and I didn't give APA the access to my shares purely through at hatred of Big Mac bank alone and the $45 per day parking at SYD APT

 

[JohnK]

In closing, to date 60 pages dedicated to this subject. Is this a record for the forum?

Only 30 pages if displaying 20 posts per page.

It is a record for the Qantas forum but not for AFF. The totally off-topic thread has 1161 replies and 59 pages. :shock:

 

[Standby]

I guess after spending 30M on the deal never to be heard again may be a bit rash.
they deserve to fail for their arrogance alone
It occured to me today the ICB (Int cricket board) must have been involved as both the world cup and the QF buyout were handled with the same ineptitude...head may roll on the QF board but I would want to be the person who put the strategy together for chasing up acceptances at APA...of to Centerlink for all of you.
During the last couple of weeks I have taken 4 trips on QFD and I have to say the staff ,given the uncertainty,were their usual proffesional selves...thats another reason the bid was at least $1 short to reasonable
I should admit I have had a small number of Qantas shares from the orig float ...heck they give good dividends every year...and I didn't give APA the access to my shares purely through at hatred of Big Mac bank alone and the $45 per day parking at SYD APT

Shud have spelt out why the "arrogance"...to think after the full time hooter has gone and the ref has left the field you can sneek out and kick the winner and ask it to count defies description
If this is how they run a bid god help the company if they actually got control.

 

[oz_mark]

Shud have spelt out why the "arrogance"...to think after the full time hooter has gone and the ref has left the field you can sneek out and kick the winner and ask it to count defies description
If this is how they run a bid god help the company if they actually got control.

Maybe the umpire didn't hear the siren. Oh, oops, wrong game.