Qantas recommends revised offer from Airline Partners Australia
Margaret Jackson said the revised proposal provided an attractive premium for Qantas shareholders, being:
- 33 percent higher than the closing share price of $4.20 on 6 November 2006, the day before the first speculation about the offer; and
- 61 percent above Qantas' volume weighted average share price of $3.48 over the six months to that date.
Ms Jackson said that, subject to receiving an opinion by independent expert Grant Samuel that the offer is fair and reasonable, the Non-Executive Directors unanimously intend to recommend that shareholders accept the offer in the absence of a superior proposal, and all Directors intend to accept in respect of their own shareholdings.
"The Directors believe this offer allows Qantas shareholders to realise significant value for their shares that has not been fully recognised in the public market," Ms Jackson said.
The proposal will be implemented by way of an off-market takeover bid, which will be subject to certain conditions including a 90 percent minimum acceptance condition.
Ms Jackson said the revised proposal followed negotiations with APA since the Board