09:57 13Dec06 RTRS-QANTAS <QAN.AX> SAYS IT HAS RECIEVED CONDITIONAL PROPOSAL FROM CONSORTIUM
09:57 13Dec06 RTRS-QANTAS SAYS PROPOSED OFFER PRICE IS A$5.50 /SHARE
09:58 13Dec06 RTRS-QANTAS SAYS CONSORTIUM INCLUDES ALLCO EQUITY, MACQUARIE BANK, ONEX AND TEXAS PACIFIC
09:59 13Dec06 RTRS-QANTAS SAYS NON EXECUTIVE DIRECTORS SAY PROPOSAL IS NOT ACCEPTABLE
10:04 13Dec06 RTRS-Australia's Qantas gets A$10.9 billion takeover bid
MELBOURNE, Dec 13 (Reuters) - Australia's Qantas Airways
<QAN.AX> said on Wednesday it has received a A$10.9 billion ($8.6
billion) buyout offer led by Macquarie Bank Ltd. <MBL.AX> and
private equity firm Texas Pacific Group at A$5.50 a share.
It said its non-executive directors consider the offer
unacceptable. Qantas last traded at A$5.23.
The bidding team has been shaped to ensure it meets ownership
caps on Australia's flag carrier which require the airline to
remain majority Australian owned with no individual owning more
than 25 percent.
The consortium also includes Qantas management Canadian
investment firm Onex Corp. <OCX.TO> and Allco Finance Group
<AFG.AX>.
($1=A$1.27)
((Reporting by Sonali Paul;
[email protected]; Reuters
Messaging:
[email protected]; +61 3 9286 1419))