Corrects to add missing A$ in first paragraph
Qube shares hit all-time high of A$4.89
Offer is at 27.8% premium to Qube's last close
Exclusivity period to end on February 1, 2026
By Scott Murdoch and Adwitiya Srivastava
Nov 24 (Reuters) - Shares of Australian industrial logistics group Qube Holdings hit an all-time high on Monday after it said it received an A$11.6 billion ($7.5 billion) buyout bid from Macquarie Asset Management (MAM).
Shares in Qube, Australia's largest integrated provider of import and export logistics, surged as much as 19.7% to hit a record A$4.890. The stock closed at A$4.86, outperforming a 1.3% rise in the country's benchmark stock index .
The cash offer of A$5.20 a share from MAM represented a 27.8% premium to Qube's closing price on Friday.
In a statement to the Australian Securities Exchange, Qube said Monday's offer was the second attempt by MAM to buy the company. Qube said it would allow MAM to conduct exclusive due diligence.
MAM declined to comment.
Qube owns ports, intermodal terminals and bulk handling facilities across Australia, according to its website.
The bid gives Qube an enterprise value of A$11.6 billion, including about A$2.3 billion worth of debt, according to Qube's most recent financial statements.
So far this year, $72.67 billion worth of deals have been unveiled in Australia, the most in three years, according to LSEG data. If the Qube offer goes ahead, it would be the biggest deal in Australia this year.
The prospect of lower interest rates and renewed interest from foreign buyers in Australian assets has helped increase deal activity, lawyers and advisors say.
The deal is subject to regulatory approvals, due diligence and Qube delivering a binding offer during the exclusivity period, which ends on February 1.
"This proposal highlights the strength of Qube's assets and operations," Qube Chairman John Bevan said in a statement.
Each Qube director confirmed they would recommend shareholders vote in favour of the potential transaction in the absence of a superior proposal, subject to an independent expert review, Qube said.
Ord Minnett analysts said there was a chance of another buyer emerging for Qube, given recent global corporate activity by global shipping lines and increased interest in transport assets from global infrastructure funds.
Should the deal proceed, adjustments will apply to the A$5.20-a-share offer to account for any future dividends paid by Qube, the logistics company said.
($1 = 1.5470 Australian dollars)
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Edmund Klamann, Richard Chang and Subhranshu Sahu)
((Adwitiya.Srivastava@thomsonreuters.com [Adwitiya.Srivastava@thomsonreuters.com]))
