SYDNEY - An A$8.7 ($10.01) billion takeover bid for Australia's Qantas Airways Ltd by a consortium led by Macquarie Bank Ltd is fair and reasonable, an independent expert said today.
In a statement issued by the airline, the independent expert said the offer price of A$5.60 a share
is within its valuation range of A$5.18 to A$5.98 and any offer above the bottom of that range would be fair value.
Qantas said its board unanimously recommends the offer.
The consortium, Airline Partners Australia (APA), also includes private equity firm Texas Pacific Group , Allco Equity Partners, Allco Finance Group and Canadian investment firm Onex Corp.
In a letter to shareholders, Qantas chairman Margaret Jackson said no superior offer had been forthcoming and the APA price was a substantial premium on recent trading.
"Qantas has delivered year-on-year profits, growth and diversification," Ms Jackson said.
"But while the business had prospered, the Qantas share price has not.
"The offer is the best available option to enable Qantas shareholders to realise significant value for their investment."
- REUTERS
