The Qube Holdings Ltd (ASX: QUB) share price is in focus today as shareholders vote on a proposed $5.20-per-share scheme of arrangement that, if approved, will see Rubik Australia acquire 100% of Qube's issued shares. This represents an attractive 27.8% premium to Qube's last closing price before the deal was announced.
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What did Qube report?
- Total payment of $5.20 cash per Qube share if the scheme proceeds
- Scheme Consideration of $4.80 per share plus interim dividend ($0.0535) and special dividend ($0.3465)
- Scheme values Qube's equity at around $9.3 billion and enterprise value at $11.7 billion
- Offer implies an enterprise value/EBITDA multiple of about 14.5 times
- Payment represents a 27.8% premium to Qube's 21 November 2025 closing price and 24% to its three-month VWAP
What else do investors need to know?
The scheme meetings convened today are a significant step for Qube shareholders, following months of engagement and regulatory review. The proposal follows a period in which Qube received and negotiated several indicative offers, resulting in a meaningfully improved bid for shareholders.
Independent expert Grant Samuel concluded that the scheme is fair and reasonable, and that the offer sits within the assessed value range for Qube shares. The Qube board has unanimously recommended shareholders vote in favour of the scheme, absent a superior proposal—which has not emerged as of the meeting date.
Regulatory clearances remain outstanding from the Australian Competition and Consumer Commission, the Foreign Investment Review Board, and the New Zealand Overseas Investment Office. The scheme is also subject to final Court approval, with key dates including a second Court hearing scheduled for 7 July 2026.
What did Qube management say?
Qube Chairman John Bevan said:
As a final comment, I would like to thank the entire Qube team of more than 10,000 staff. Your contributions have built Qube into the leading business it is today. This transaction is a milestone for our company and an acknowledgement of the strengths of the business you have contributed to and the positive future I am sure it will enjoy under a new partnership with Rubik.
What's next for Qube?
If the scheme is approved by both shareholders and the Court, Qube shares are expected to cease trading on the ASX from 8 July 2026. Eligible shareholders (other than UniSuper) will receive their entitlements through a combination of scheme consideration and dividends, with implementation slated for 14 August 2026.
If any outstanding conditions are not met, the scheme will not proceed and Qube will remain ASX-listed. The board has highlighted ongoing engagement with regulators and outlined a clear implementation timetable.
Qube share price snapshot
Over the past 12 months, Qube Holdings shares have risen 18%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 4% over the same period.
