Asset management company Macquarie has made an A$11.6 billion (£5.70 billion) takeover offer for Qube Holdings, an Australia-based logistics provider.
Macquarie is offering A$5.20 (£2.55) in cash for each Qube share, a 27.8% premium to the closing share price on 21 November.
The proposal price will be reduced by the cash amount of any future dividends paid by Qube.
After evaluating the proposal, the Board of Qube has granted MAM a period of due diligence until 1 February.
The deal is will also be subject to MAM delivering a binding offer, unanimous Qube Board recommendation, as well as various regulatory approvals.
“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,” said Qube chairman, John Bevan.
“We look forward to continuing to engage constructively in the best interests of our shareholders.”
Qube operates in some 200 locations across Australia, New Zealand and Southeast Asia, and has a workforce of more than 10,000.
