SYDNEY – Australian logistics giant Qube Holdings (QUB.AX) said on Monday it received a non-binding takeover proposal from Macquarie Asset Management valuing the company at an enterprise value of A$11.6 billion ($7.49 billion).
The offer of A$5.20 per share in cash represents a 28% premium to Qube’s last closing price of A$4.07 on Friday. Shares of Qube surged 19.4% to a record close of A$4.86 following the announcement, while Macquarie Group (MQG.AX), the asset manager’s parent, saw its shares dip slightly.
The proposal follows a period of negotiations after an earlier, lower unsolicited offer from Macquarie, Qube said in a statement, without disclosing the value of the initial bid.
The enterprise value equates to about 14.4 times Qube’s estimated earnings before interest, taxes, depreciation and amortization (EBITDA) for the 2025 financial year.
Qube’s operations span container leasing, cargo terminals for vehicles and grain, and road and rail transport services across Australia.
The potential deal is contingent on the satisfactory completion of due diligence, final approval from both companies’ boards, and regulatory clearances. Qube said it has granted Macquarie an exclusivity period to conduct due diligence until Feb. 1, 2026.
“We look forward to continuing to engage constructively in the best interests of our shareholders,” Qube Chairman John Bevan said.
A Macquarie Asset Management spokesperson declined to comment when contacted by Reuters.
The bid arrives amid a wave of consolidation in the Australian logistics sector. Global port operator DP World acquired Silk Logistics earlier this year, while transport group Lindsay Australia has made several acquisitions to expand its national cold chain footprint.
In a note, Citi Bank analyst Samuel Seow reaffirmed his “buy” rating on Qube with a A$4.90 target price, but flagged risks such as price competition and potential industrial action.
Separately on Monday, mining behemoth BHP Group (BHP.AX) announced it was abandoning its proposed $49 billion takeover of Anglo American (AAL.L).
($1 = 1.5482 Australian dollars)