The Qube Holdings Ltd (ASX: QUB) share price is in focus today after the company announced a $5.20 per share all-cash acquisition proposal from a Macquarie Asset Management-led consortium, valuing Qube at an enterprise value of $11.7 billion and representing a 27.8% premium to its last closing price.
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What did Qube Holdings report?
- Entered a Scheme Implementation Deed for a Macquarie Asset Management consortium to acquire 100% of shares at $5.20 cash per share (less dividends paid or declared after SID signing).
- Implied enterprise valuation of around $11.7 billion, with an EV/FY25 EBITDA multiple of approximately 14.5x.
- Shareholder offer represents a 27.8% premium to Qube's closing price of $4.07 on 21 November 2025.
- Permitted to pay up to $0.40 per share in total dividends prior to implementation, expected to be franked to the maximum extent possible.
- UniSuper to exchange 15.07% Qube stake for a direct interest in the new holding structure rather than receiving cash.
What else do investors need to know?
The scheme must be approved by Qube shareholders (except UniSuper), the Supreme Court of New South Wales, regulators, and the independent expert. The Qube board recommends accepting the offer in the absence of a superior proposal and subject to the independent expert's review.
Shareholders (other than UniSuper) will receive $5.20 in cash per share, adjusted for any allowed franked dividends paid before completion—potentially delivering extra value through franking credits. If the transaction extends past December 2026, a "ticking fee" of two cents per month is payable to shareholders.
What did Qube Holdings management say?
Qube Managing Director, Paul Digney, said:
MAM's offer underscores the value that has been created through our strategy for growth, the quality of our business, leadership team and people and the strength of our safety culture.
Since inception, Qube has achieved significant growth and diversification across markets and geographies. I am confident that this transaction will provide the platform for the business to continue that evolution while maintaining our strong track record of enhancing supply chains and delivering outstanding customer service.
What's next for Qube Holdings?
Qube will now distribute a Scheme Booklet to shareholders with full details of the offer and a timeline for the vote, likely to take place around June 2026. Completion depends on regulatory and shareholder approval, as well as no competing proposals arising. Qube encourages shareholders to take no immediate action and await further information. If a superior proposal emerges, the board's recommendation may change under the agreement's terms.
Qube Holdings share price snapshot
Over the 12 months, Qube shares have risen 18%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.
