What did Qube report?

• The Supreme Court of NSW approved Rubik Australia's acquisition of 100% of Qube shares.
• Qube declared a fully franked special dividend of $0.3465 per ordinary share.
• Trading in Qube shares will be suspended at close today, with scheme implementation scheduled for 14 August 2026.
• Scheme consideration for shareholders is $5.20 cash per share, less the interim and special dividends.
• Key scheme dates: Special Dividend Record Date is 14 July, payment on 23 July, Scheme Record Date is 24 July, Implementation Date is 14 August 2026.

What else do investors need to know?

The court's approval means the scheme is now legally effective and Qube has lodged the orders with ASIC. Shareholders (other than UniSuper, which will receive shares in Rubik Australia Holdings) set to receive cash for their Qube shares need to be on the register at 7:00 pm, 24 July 2026.

The total cash payment per Qube share from Rubik Australia will be reduced by the sum of both the $0.0535 interim dividend declared in February and the $0.3465 special dividend. The special dividend record date is 14 July 2026 and payment will be made on 23 July 2026.

What's next for Qube?

Trading in Qube shares on the ASX will be suspended after today's close. The scheme implementation remains on track for 14 August 2026, when eligible shareholders can expect payment. Any changes to the timetable will be communicated through the ASX.

This acquisition marks a significant turning point for Qube, with the board expressing confidence shareholders are being fairly compensated. Investors should keep an eye out for further updates on the transition process.

Qube share price snapshot

Over the past 12 months, Qube shares have risen 21%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen 1% over the same period.

View Original Announcement

The post Qube shares: Scheme now effective and special dividend declared appeared first on The Motley Fool Australia.

What did Qube Holdings report?

• The Supreme Court of NSW has approved the scheme of arrangement with Rubik Australia Pty Limited.
• Qube Holdings will arrange for court orders to be lodged with ASIC on 8 July 2026.
• Once lodged, the scheme will become legally effective and all Qube shares will be acquired by the bidder.
• Qube intends to apply for its ASX quotation to be suspended after close of trading on 8 July 2026.

What else do investors need to know?

This marks the final regulatory hurdle for the proposed takeover first announced in February 2026. Once the court orders are lodged with ASIC, shareholders will see their holdings acquired under the scheme.

The company will shortly move to suspend trading in Qube shares, with completion of the acquisition process expected to occur as outlined in earlier announcements. Investors should look out for further updates as the acquisition is formally completed.

What's next for Qube?

With final court and regulatory approvals in hand, Qube Holdings will now progress to complete the scheme of arrangement. This includes delisting Qube from the ASX and transferring all shares to Rubik Australia Pty Limited as planned.

Shareholders do not need to take any action at this stage. Qube will communicate further details about payment and the end of share trading as the timeline progresses.

Qube share price snapshot

Over the past 12 months, Qube shares have risen 20%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen 3% over the same period.

View Original Announcement

The post Qube Holdings: Supreme Court approves takeover scheme appeared first on The Motley Fool Australia.

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.

View Original Announcement

The post Qube shareholders vote on $5.20 takeover offer appeared first on The Motley Fool Australia.

What did Qube report?

• The Board intends to declare a fully franked Special Dividend of $0.3465 per share if the scheme becomes effective
• Scheme Meeting is scheduled for 16 June 2026
• Second Court Hearing postponed to 7 July 2026
• Proposed implementation date for the scheme is 14 August 2026
• All dates are indicative and subject to regulatory and court approvals

What else do investors need to know?

The scheme still requires key regulatory approvals, including from the ACCC, FIRB, and New Zealand's OIO. The ACCC's Phase 1 determination deadline is 19 June 2026, with the OIO's decision expected in early July.

Qube will proceed with its Scheme Meetings as planned, first for general shareholders (excluding UniSuper) and then for UniSuper. The revised schedule allows time for the remaining conditions precedent to be completed or waived.

What's next for Qube?

Looking ahead, Qube shareholders will vote on the scheme at the upcoming meetings. If approvals are secured, shareholders could receive the proposed fully franked Special Dividend, and the transaction could complete by August.

The Board continues to unanimously recommend the scheme in the absence of a superior proposal and provided the independent expert maintains a positive opinion.

Qube share price snapshot

Over the past 12 months, Qube share have risen 18%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 4% over the sae period.

View Original Announcement

The post Qube Holdings scheme update: Dividend and key dates revealed appeared first on The Motley Fool Australia.

In practice, they almost never do.

Qube Holdings Ltd (ASX: QUB) is a textbook example of this phenomenon right now.

Macquarie Asset Management has made a binding offer of $5.20 per share for Qube, valuing Australia's largest integrated logistics provider at approximately $11.7 billion.

Yet today, Qube shares trade at approximately $5.02, a discount of around 3.5% to the offer price.

That gap is the price investors pay for the uncertainty that surrounds any takeover before it formally completes.

What is merger arbitrage?

The strategy of buying shares in a takeover target below the offer price and waiting to receive the full consideration at completion is known as merger arbitrage.

It is a well-established investment approach used by professional fund managers and sophisticated investors around the world.

The return profile is asymmetric.

If the deal completes as planned, investors who bought Qube at $5.02 today will receive $5.20 per share, delivering a return of approximately 3.5%.

If the deal collapses for any reason, the share price will likely fall sharply back toward its pre-offer level of $4.07, delivering a loss of approximately 19% from today's price.

That asymmetry is the reason the discount exists.

The market is pricing in a small but material probability that the deal does not proceed.

Why does the discount exist?

Several factors explain why Qube trades below the $5.20 offer price despite the board's unanimous recommendation and the deal being fully funded with no financing condition.

The first is regulatory risk.

The deal requires approval from the Australian Competition and Consumer Commission, the Supreme Court of New South Wales, and the Foreign Investment Review Board.

While none of these approvals is expected to be a major hurdle given Macquarie's long track record of completing similar transactions, the process takes time and carries a non-zero risk of complication.

The second is shareholder vote risk.

Qube's shareholders must vote to approve the scheme at a meeting expected around June 2026.

The deal requires approval from 75% of votes cast, excluding UniSuper, which is rolling its stake into the new structure.

While the board's unanimous recommendation makes approval highly likely, it is not guaranteed.

The third is the time value of money.

Even if the deal completes exactly as planned by December 2026, investors tying up capital for six to seven months at a 3.5% return are earning a modest annualised return.

The shareholder vote is expected in June 2026, which annualises the 3.5% gain to approximately 10%.

This is a more attractive number, though investors should note that annualised figures assume a clean and timely completion.

The franking credit kicker

One detail that makes the Qube situation particularly interesting for Australian investors is the dividend component.

Qube is permitted to pay up to $0.40 per share in dividends before and immediately after the deal closes, which will be deducted from the $5.20 cash consideration.

The first instalment, a regular fully-franked interim dividend of $0.0535 per share, was already paid on 9 April 2026 and has been deducted from the offer price accordingly.

The more interesting component is a potential special fully-franked dividend that Qube's board intends to declare following scheme effectiveness, a structure made possible by a special ASX waiver granted on 22 April 2026.

For eligible Australian taxpayers who can utilise franking credits in full, those credits are worth approximately $0.17 per share for every $0.40 in dividends paid, effectively pushing the total economic return above the headline $5.20 figure.

Furthermore, if the deal extends past December 2026, Macquarie has agreed to pay a ticking fee of two cents per share per month, compensating investors for any delay and ensuring the annualised return does not deteriorate if the timeline slips.

The risks worth knowing

Merger arbitrage is not risk-free, and investors should approach it with clear eyes.

The biggest risk in the Qube situation is not regulatory or shareholder approval but rather a material adverse change to the business.

The deal contains a standard material adverse change clause, meaning Macquarie could walk away if Qube's business deteriorates significantly before completion.

Qube has already flagged a $10 to $20 million EBITA impact from Middle East conflict disruptions and a further $3 to $5 million from weather events in its most recent trading update, though management maintained its expectation of full-year earnings growth.

Whether those impacts rise to the level of a material adverse change is a judgement call, but on current evidence, they appear well within normal business variation.

Foolish Takeaway

Qube Holdings trading at a 3.5% discount to its takeover price is not an oversight by the market.

It reflects real, if modest, uncertainty about whether a deal that looks highly likely to proceed will actually do so on the expected timeline.

For investors who understand merger arbitrage and are comfortable with the asymmetric risk profile, the current gap between Qube's share price and the $5.20 offer price could represent an interesting low-risk return opportunity, particularly when the franking credit kicker and ticking fee protections are factored in.

For those who are not, simply understanding why the discount exists is a valuable lesson in how financial markets price risk.

The post Qube Holdings is trading below its takeover price. Here is what investors need to know appeared first on The Motley Fool Australia.

What did Qube report?

• Received an ASX waiver of Listing Rule 7.40 to permit a customised scheme implementation timetable.
• Potential for a fully franked special dividend to be paid following scheme effectiveness.
• Bidder Rubik Australia Pty Limited is set to acquire 100% of Qube shares via the scheme of arrangement.
• Qube Board intends to send scheme documentation after the upcoming court hearing on 23 April 2026.
• Board unanimously recommends the scheme, in the absence of a superior proposal and with positive independent expert advice.

What else do investors need to know?

The ASX waiver allows Qube to deviate from the standard scheme timetable, as outlined in the Scheme Implementation Deed with Rubik Australia. This flexibility supports drawing down funds and potentially paying a special fully franked dividend to eligible shareholders.

Notices of meeting and the scheme booklet are expected after the first court hearing on 23 April 2026, with the scheme meetings likely scheduled for June 2026. The Qube Board reiterates its support for the bid, provided it remains in shareholders' best interests.

What's next for Qube?

Qube Holdings plans to issue meeting documents following the first court hearing, and shareholders will have their say on the proposal in June 2026. If all conditions are met, including court and shareholder approval, the special dividend and scheme implementation could follow soon after.

The Board continues to focus on delivering value for shareholders throughout this process and will provide further updates as milestones are reached.

Qube share price snapshot

Over the past 12 months, Qube shares have risen 32%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 14% over the same period.

View Original Announcement

The post Qube Holdings wins ASX waiver for flexible scheme timetable and dividend appeared first on The Motley Fool Australia.

The move extends a strong run for the ASX stock. Qube is now up 31% over the past 12 months, as investors continue to reward its steady exposure to Australia's import and export supply chains.

Let's take a closer look at Monday's move.

Geopolitical and weather hit

Qube is Australia's leading integrated logistics provider, with operations spanning freight movement, warehousing, and supply chain services across key trade routes.

Monday's share price gain came after the ASX stock issued an operational update highlighting modest short-term earnings headwinds. The company flagged a $10 to $20 million EBIT impact linked to ongoing geopolitical disruption in the Middle East, alongside a further $3 to $5 million hit from cyclones in Western Australia and storms in New Zealand.

While these figures sound material, they are relatively small in the context of Qube's multi-billion-dollar earnings base.

Strong contractual frameworks

Importantly, management emphasised that the business has not experienced any operational interruptions. Instead, the issues are being absorbed through its diversified operations and strong contractual frameworks.

Many of Qube's agreements include cost pass-through mechanisms and pricing levers that allow it to recover higher fuel and shipping-related expenses over time, albeit with some timing delays.

That timing gap is the key nuance. While short-term profitability may fluctuate, most of the cost pressures are expected to be temporary. If conditions stabilise, some of these impacts could unwind in FY27, providing a potential earnings tailwind.

What next for Qube shares?

Beyond near-term volatility, Qube continues to highlight longer-term growth opportunities. One area of increasing focus is its role in supporting alternative energy projects. The demand for specialist logistics and infrastructure services is expected to grow.

Management of the ASX stock believes this segment could become a meaningful contributor over time. It could leverage its existing capabilities in complex supply chain coordination.

Looking ahead, Qube remains confident of delivering underlying earnings growth in FY26, even as external conditions remain uneven. The outlook is not without uncertainty, particularly around fuel costs and global trade volumes. However, the company maintains that most headwinds are cyclical rather than structural.

Meanwhile, progress continues on its previously announced scheme with the Macquarie Asset Management (MAM) consortium. The group led by MAM plans to acquire 100% of Qube shares at $5.20 cash per share.

Management reiterated that the scheme remains on track and unaffected by the updated trading commentary. Regulatory approvals are still progressing in line with the timeline set out earlier this year.

Foolish bottom line

For investors in the ASX stock, the takeaway is a familiar one: short-term noise, long-term infrastructure.

Qube's steady march toward its record high reflects a market increasingly willing to look through temporary disruption and focus on the structural growth story beneath it.

The post Why this $9 billion ASX stock is edging closer to record highs today appeared first on The Motley Fool Australia.

What did Qube report?

• Expects FY26 EBITA to be reduced by $10–$20 million from the Middle East conflict
• Severe weather in Q3 FY26 caused an additional $3–$5 million EBITA impact
• Underlying earnings growth (NPATA and EPSA) still anticipated for FY26
• Diversification strategy helping maintain healthy volumes across most markets
• No fuel supply interruptions expected; robust supply agreements remain in place

What else do investors need to know?

Qube's exposure to global events is being offset by its diverse operations and favourable long-term market outlooks. Strong contractual protections and established commercial levers mean the business is positioned to mitigate most short-term challenges arising from higher fuel and shipping costs. While supply chains are feeling some strain, the company has not reported any operational interruptions to date.

There may be timing lags between when higher costs are incurred and when Qube recovers these costs from customers; most impacts are expected to be temporary and could reverse in FY27 if conditions improve. Qube is also highlighting future opportunities, including increased demand for logistics support in alternative energy projects where it believes it has a competitive edge.

What's next for Qube?

Despite recent disruptions, Qube expects to deliver underlying earnings growth in FY26, though near-term results could fluctuate depending on ongoing market uncertainties, especially around fuel costs and logistics volumes. The company remains confident most challenges are short-term and is optimistic about both organic and inorganic growth opportunities ahead.

The previously announced scheme with the MAM Consortium is unaffected by the trading outlook revision. Progress continues toward regulatory approvals and the implementation timetable outlined in February 2026.

Qube share price snapshot

Over the past 12 months, Qube shares have increased 32%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 14% over the same period.

View Original Announcement

The post Qube updates FY26 outlook: expects short-term headwinds but maintains earnings growth target appeared first on The Motley Fool Australia.

Will the market be able to build on this on Thursday? Here are five things to watch:

ASX 200 set to fall

The Australian share market looks set to fall on Thursday despite a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.25% lower this morning. In the United States, the Dow Jones rose 2.85%, the S&P 500 jumped 2.5% and the Nasdaq stormed 2.8% higher.

CSL shares given hold rating

Bell Potter still thinks it is too early to buy CSL Ltd (ASX: CSL) shares. This morning, the broker has retained its hold rating on the biotherapeutics giant's shares with a $155.00 price target (from $175.00). It said: "The current share price reflects a materially de-rated PE multiple of ~15x our FY27 NPAT forecast, bringing CSL in line with the global biopharma peer set which also trades at an avg PE of 15x. While CSL doesn't face the same extent of generic/biosimilar competition as these biopharma peers, it does have a lower growth outlook of ~2.5% revenue CAGR (3yr) per our forecast compared to >4% avg for global peers."

Oil prices sink

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session on Thursday after oil prices crashed overnight. According to Bloomberg, the WTI crude oil price is down 14.6% to US$96.42 a barrel and the Brent crude oil price is down 12% to US$96.19 a barrel. This has been driven by the signing of a ceasefire agreement between the US and Iran.

Dividend payday

Today is payday for shareholders of a number of ASX 200 shares. This includes CSL, Capricorn Metals Ltd (ASX: CMM), Qube Holdings Ltd (ASX: QUB), Brambles Ltd (ASX: BXB), SGH Ltd (ASX: SGH), Atlas Arteria Group (ASX: ALX), and NRW Holdings Limited (ASX: NWH). CSL will be rewarding its shareholders with a $1.81 per share dividend later today.

Gold price lifts

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Thursday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 1.3% to US$4,748.1 an ounce. Traders appear to believe that falling oil prices could limit interest rate hikes, which would be good news for the precious metal.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

The initial public offering (IPO) for the Solaris Australian Equity Income Plus Ltd (ASX: SET) closes next Wednesday, 1 April.

With energy prices surging amid the ongoing Middle East conflict, two of the fund manager's top picks earn their keep drilling for and supplying oil and gas.

"While surging energy and oil prices are hammering household budgets, income investors exposed to key names in the energy sector are set to cash in," Solaris portfolio manager Charles Casey said.

The third ASX 200 dividend stock is a logistics solutions provider.

So, which passive income stars does Solaris recommend?

I'm glad you asked!

Woodside Energy Group Ltd (ASX: WDS)

First up we have Woodside Energy.

"Woodside's earnings and dividends are strongly supported by the current high gas prices," Casey said.

Commenting on the passive income outlook for this ASX 200 dividend stock,

A large volume of gas production from competitors in the Middle East, particularly Qatar, has been impacted. It could take three to five years to bring that production back online, meaning Woodside is supplying product into an undersupplied market and gaining a significant competitive advantage.

Importantly, Woodside has both the ability and the capacity to pay higher dividends. They have surplus franking credits, and we see strong potential for a dividend lift backed by these elevated earnings.

Woodside currently trades on a fully franked trailing dividend yield of 4.8%

Which brings us to the second company you might want to buy for its positive income outlook.

Ampol Ltd (ASX: ALD)

Solaris is also bullish on ASX 200 dividend stock Ampol.

"Ampol is a clear beneficiary of the higher oil refining margins currently being realised at their Lytton refinery," Casey said.

Commenting on the passive income outlook for the Aussie fuel supplier he added:

Oil refining earnings are cyclical, but at times like this they can deliver substantial windfall gains. This will help increase Ampol's earnings, support higher dividends and further strengthen their balance sheet.

Ampol is definitely one to watch for a material dividend increase in the coming year. It also has the potential to pay special dividends if margins stay elevated given its surplus franking credits. On the willingness side, the board led by Steven Gregg has a strong track record of returning capital to shareholders, they have paid two special dividends in the recent past.

Ampol currently trades on a fully franked trailing dividend yield of 3.0%.

Rounding off the list of income stocks we have…

Qube Holdings Ltd (ASX: QUB)

Solaris is optimistic on the outlook for this ASX 200 dividend stock following the recent Macquarie-led transaction to acquire interests in key port and logistics infrastructure.

"Qube Logistics is pending a material special dividend, which is particularly attractive for investors on lower tax rates," Casey said. "This is supported by surplus franking credits, and we have confidence in the board's willingness based on our direct engagement."

Casey concluded:

As shareholders prior to the approach from Macquarie, there was some uncertainty regarding UniSuper's intentions as they were aggressively buying shares on market. However, given the existing relationships between UniSuper and Macquarie on multiple other unlisted investments, we took the firm view that they were highly likely to support the deal.

The post Fund manager names 3 top ASX 200 dividend stocks to buy today appeared first on The Motley Fool Australia.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 to edge lower

The Australian share market looks set for a subdued session on Tuesday despite a decent start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 12 points or 0.15% lower. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 is up 0.3%, and the Nasdaq is up 0.6%.

Oil prices jump

It could be a good session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 6.3% to US$71.27 a barrel and the Brent crude oil price is up 6.8% to US$77.85 a barrel. This was driven by the war in Iran.

Magellan shares on watch

Magellan Financial Group Ltd (ASX: MFG) shares will be on watch today when they return from a trading halt. On Monday, the fund manager announced a proposed $1.6 billion merger with Barrenjoey. Magellan's chair, Andrew Formica, said: "The merger with Barrenjoey marks a transformative step in MFG's evolution, bringing together two highly complementary businesses to create an Australian financial services group with meaningful scale and breadth."

Gold price storms higher

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a good session on Tuesday after the gold price stormed higher overnight. According to CNBC, the gold futures price is up 1.8% to US$5,342.1 an ounce. This was driven by strong demand for safe haven assets in response to the war in the Middle East.

ASX 200 shares going ex-div

A number of ASX 200 shares are going ex-dividend today and could trade lower. This includes pizza chain operator Domino's Pizza Enterprises Ltd (ASX: DMP), property listings giant REA Group Ltd (ASX: REA), scrap metal company Sims Ltd (ASX: SGM), and logistics solutions company Qube Holdings Ltd (ASX: QUB). The latter will be paying eligible shareholders a 5.4 cents per share dividend next month on 9 April.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

In order to receive a dividend, you must own the ASX share before its ex-dividend date.

Here is a sample of the large number of ASX All Ords shares with ex-dividend dates next week.

ASX All Ords shares about to go ex-dividend

Which companies will we hear from today?

The big one today is the half-yearly report from supermarket network Coles Group Ltd (ASX: COL).

Woolworths shares ripped this week after the ASX All Ords consumer staples giant reported a 16% profit lift to $859 million for 1H FY26.

We'll also hear from TPG Telecom Ltd (ASX: TPG), Michael Hill International Ltd (ASX: MHJ), and Pexa Group Ltd (ASX: PXA).

The latest report from The Star Entertainment Group Ltd (ASX: SGR) will also be interesting, as investors seek further news on the turnaround plan for the beleaguered casino operator.

Yesterday, Star Entertainment shares bounced on news of a debt refinancing deal, including extra liquidity to fund the turnaround plan.

The post 35 ASX All Ords shares with ex-dividend dates next week appeared first on The Motley Fool Australia.

What did Qube report?

• Underlying revenue rose 12.9% to $2.36 billion for H1 FY26
• Underlying EBITA increased 9.8% to $196.3 million
• Statutory NPAT jumped 101.1% to $212.6 million (boosted by a major asset sale)
• Underlying NPATA grew 10.1% to $157.5 million
• Earnings per share (pre-amortisation) up 9.8% to 8.9 cents
• Interim dividend up 30.5% to 5.35 cents per share (fully franked)

What else do investors need to know?

Qube's result was supported by solid performance in its Operating Division, with positive contributions from new acquisitions including AAT Webb Dock West, Coleman, ABH bulk handling in WA, and Nexus Logistics in New Zealand. The 101% jump in statutory net profit included a significant $101.5 million pre-tax boost from the sale of land at Beveridge, Victoria.

The company also highlighted ongoing efforts to improve safety, with a 22% reduction in its Total Recordable Injury Frequency Rate. However, the period was marked by a tragic contractor fatality in October 2025 at Qube's Narromine Agri facility, with support continuing for the investigation.

Qube has entered into a scheme implementation deed with a Macquarie Asset Management-led consortium, which proposes to acquire 100% of Qube's shares by way of scheme of arrangement, subject to customary conditions.

What did Qube management say?

Qube Managing Director Paul Digney said:

Qube again delivered revenue and earnings growth in the period, underpinned by our proven ability to deliver reliable, valuable and efficient logistics services for a diversified customer base … These results underscore the value generated through Qube's successful strategy of making targeted acquisitions to enhance service capabilities and then further investing in these acquisitions to support our customer base and deliver sustainable earnings growth.

What's next for Qube?

Looking ahead, Qube expects to deliver continued solid underlying earnings growth for FY26, with NPATA and EPSA forecast to rise 6–10% versus FY25, despite some headwinds from higher interest expenses and fluctuations between its Ports & Bulk and Logistics & Infrastructure business units.

The company is planning full-year gross capex of $400 million to $450 million, and remains confident in its strategy of growth through acquisitions, investing to support customers, and maintaining a robust safety culture.

Qube share price snapshot

Over the past 12 month, Qube shares have risen 25%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 9% over the same period.

View Original Announcement

The post Qube reports record half-year result and higher dividend appeared first on The Motley Fool Australia.

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.

View Original Announcement

The post Qube Holdings board backs $11.7bn Macquarie takeover at 27.8% premium appeared first on The Motley Fool Australia.

This is important for investors to monitor as earnings results can trigger strong share price movement.

A new report from Ord Minnett suggests this ASX industrials stock has long-term potential. 

Let's see what is behind the optimism. 

Qube Holdings

Qube Holdings is Australia's leading provider of logistics solutions, largely focused on import and export supply chains. 

It is comprised of two core units: the first is its logistics operating division.

The second is the company's 50% interest in Patrick Terminals, Australia's leading container terminal operator.

It has been in focus over the last couple of months due to the takeover proposal from Macquarie Asset Management. 

Macquarie Asset Management has made a non-binding, all-cash takeover proposal to buy Qube Holdings for about A$11.6 billion (A$5.20 per share) via a scheme of arrangement, representing a significant premium to Qube's pre-bid share price. 

Ord Minnett's view on this ASX industrials stock

In a new report from Ord Minnett, the wealth and investment services firm said Macquarie Asset Management has provided notice to extend the due diligence exclusivity period for its takeover of Qube Holdings until 15 February. 

Ord Minnett has run three adjacent scenarios to the $5.20 a share indicative offer to ascertain a likely price.

‍It said the mean of the scenarios show that the indicative offer is close to fair value in the short-term, albeit with a lower implied premium for control and/or less value ascribed to the circa $400 million in Qube's franking credit balance. 

The scenarios, however, support a view that $5.20 a share understates the longer-term valuation potential within Qube. 

Given the entrenched market position in many verticals, earnings quality and scarcity of infrastructure assets of this size, our view is that an offer price of $5.42–5.60 per share is full freight in present value terms, with upside from franking credit value.

What does this mean for investors?

Macquarie Asset Management is still progressing its proposed $5.20 per share takeover, having extended its exclusive due-diligence period to mid-February. 

Ord Minnett thinks $5.20 is about fair value in the short term. However this likely undervalues Qube's longer-term potential, given its strong market position, high-quality earnings, scarce infrastructure assets and valuable franking credits. 

They believe a more realistic "full value" price is $5.42–$5.60 per share, with extra upside from franking credits.

Operationally, Qube is performing well, with expected profit growth is around 6%.

This is supported by steadier port volumes, stronger grain logistics in NSW, and solid performance from Patrick Stevedoring.

Based on this analysis, this ASX industrials stock is trading below fair value. 

It closed last week at $4.74. 

Based on the full value price indicated from Ord Minnett, this ASX industrials stock would be set to rise between 14% and 18%. 

This gives investors a window pre-earnings results to potentially buy-low on this ASX industrials stock. 

The post Why investors should snap up this ASX industrials stock before 20 February appeared first on The Motley Fool Australia.

What did Qube Holdings report?

• Extension of the Exclusivity Period with Macquarie Asset Management to 15 February 2026
• Macquarie's view of Qube's value in the proposal remains unchanged
• Process Deed originally entered into on 23 November 2025
• Potential transaction is well progressed but not yet binding
• No financial metrics were disclosed in this update

What else do investors need to know?

The extension allows both parties more time to complete due diligence, finalise transaction documentation, and obtain relevant approvals. Macquarie Asset Management confirmed it continues to work in good faith towards a potential deal and that its valuation of Qube remains the same as originally proposed.

Importantly, there is no certainty the current proposal will proceed to a binding offer for Qube shareholders to consider. Qube has committed to providing further updates as developments occur.

What's next for Qube Holdings?

Investors can expect further updates as Qube proceeds through the remaining stages of the deal process. The focus will be on whether due diligence and approvals are completed and if a formal, binding offer emerges.

Until then, Qube shareholders are in a holding pattern while the potential Macquarie-led transaction is finalised or abandoned.

Qube Holdings share price snapshot

Over the past 12 months, Qube Holdings shares have risen 16%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.

View Original Announcement

The post Qube Holdings updates investors on Macquarie Asset Management proposal appeared first on The Motley Fool Australia.

What did Qube Holdings report?

• Received confirmation from Macquarie Asset Management to extend the due diligence exclusivity period
• Exclusivity governed by the Process and Exclusivity Deed signed on 23 November 2025
• Update follows Qube's prior ASX announcement regarding the potential Macquarie proposal on 24 November 2025
• No certainty yet that a binding offer will result from the process

What else do investors need to know?

Qube's ongoing discussions with Macquarie Asset Management follow a non-binding indicative proposal, but there's no guarantee it will turn into a firm offer. The Process Deed gives Macquarie an exclusivity period to conduct due diligence and possibly submit a binding proposal.

The company has reminded shareholders that no decision is required at this stage. Investors will receive further updates as the process develops, keeping them informed every step of the way.

What's next for Qube Holdings?

Qube expects to continue working with Macquarie Asset Management throughout the extended exclusivity period. The company will provide timely updates as and when further developments arise regarding Macquarie's intentions.

For now, the Process Deed means the due diligence phase goes on, but Qube stressed that there is still uncertainty as to whether shareholders will ultimately receive a binding proposal.

Qube Holdings share price snapshot

Over the past 12 months, Qube Holdings shares have risen 20%, outperforming the S&P/ASX 200 Index (ASX: XJO) which have risen 5% over the same period.

View Original Announcement

The post Qube Holdings shares in focus after Macquarie due diligence update appeared first on The Motley Fool Australia.

What did Qube Holdings report?

• Sold its interest in a 202-hectare Beveridge (Victoria) land parcel
• Received cash proceeds of approximately $111 million
• Expects a pre-tax profit of around $100 million, to be reflected in FY26
• Profit is classified as non-underlying due to its one-off nature

What else do investors need to know?

The Beveridge land sits within the Beveridge Intermodal Precinct, which is currently being developed by National Intermodal Corporation, a government business enterprise. The buyer, C Capital, is an Asia-Pacific asset manager.

Qube had previously flagged it was reviewing options for its interest in the site. The company highlighted that this sale allows value realisation without the additional capital expenditure that development would have required.

What did Qube Holdings management say?

Qube's Managing Director, Paul Digney, said:

We are very pleased that Qube has been able to realise significant value from this long-term development asset without needing to undertake the capital expenditure that would otherwise be required to progress the development.

While the sale of our interest means Qube will not be an investor in the development of the Precinct, it does not preclude Qube from being a user in the future and we continue to support the expansion of Australia's freight infrastructure to support economic growth, reduce road congestion and contribute to the task of reducing emissions in the transport sector.

What's next for Qube Holdings?

Qube expects the profit from the Beveridge sale will be recognised in its FY26 accounts, strengthening its balance sheet. The company remains committed to the freight and logistics sector, with ongoing support for Australia's intermodal infrastructure growth.

While Qube steps back from direct investment in the Beveridge Intermodal Precinct, it may participate as a user in the future. Management emphasised continued focus on core assets and prudent capital allocation.

Qube Holdings 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 3% over the same period.

View Original Announcement.

The post Qube Holdings books $100m profit after selling Beveridge property appeared first on The Motley Fool Australia.

There has been a flurry of takeover bids recently, with targets ranging from small gold prospectors, such as Venus Metals Corporation Ltd (ASX: VMC), to major companies like logistics provider Qube Holdings Ltd (ASX: QUB).

And in the case of the latter, and fellow takeover target National Storage REIT (ASX: NSR), there's still the potential to make short-term gains, given each company's share price is still trading at a discount to the offer price.

Qube trading at a decent discount

In the case of Qube, Macquarie Asset Management has launched a conditional bid for the company at $5.20 per share.

That was a significant premium to the $4.07 at which the company's shares were trading at the time of the bid.

And while the shares have consistently traded higher than levels before the bid, they are still only changing hands for $4.64, meaning canny investors could make a windfall gain – should the bid actually go through.

Keep in mind that it is still conditional on satisfactory due diligence and a unanimous recommendation from the Qube board.

The board has granted Macquarie a period of exclusive due diligence, having previously negotiated for a higher price from Macquarie, and said at the time the possible deal was made public that, in the absence of a better offer, they do expect to endorse the bid.

Interestingly, UniSuper, which is a significant shareholder in Qube, has increased its shareholding in the company from 5.25% to 9.95% since the potential takeover bid was announced.

National Storage also in play

In the case of National Storage, the company was forced to divulge in late November that it had been approached by Brookfield Property Group and GIC Investments about a potential takeover, priced at $2.86 a share. This followed an article in The Australian hinting at the possible deal.

Like the Qube bid, the National Storage takeover offer is at this stage non-binding and conditional, but investors once again could make gains if it were to go through.

The National Storage bid is priced at $2.86, minus the likely 6-cent dividend to be paid by the company, which compares with the current share price of $2.71.

That implies a much lower premium of just 3.3% for investors who buy in now; however, some might be betting that a higher offer is in the wings.

In the case of Venus Metals Corporation, that company's share price is actually trading higher than the 17-cent-per-share offer price from Queensland coal billionaire Chris Wallin's company QGold.

QGold's offer is an on-market offer, meaning the company is actively buying shares at the offer price; however, Venus stated in a recent ASX announcement that it appeared the company was buying shares at higher prices, between 18 cents and 19 cents, in recent sessions.

Venus said this week it was currently preparing a target's statement, which would be released to the ASX on December 8.

Venus shares closed Thursday's trading session at 20 cents, well above the on-market bid price.

The post These two takeover targets are still trading below their potential bid prices appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Harvey Norman Holdings Ltd (ASX: HVN)

The Harvey Norman share price is down 1.5% to $6.87. Investors have been selling this retailer's shares again on Friday. The latest catalyst appears to have been a broker note out of UBS this morning. According to the note, the broker has downgraded Harvey Norman's shares to a neutral rating with a reduced price target of $7.50. It made the move on valuation grounds after a strong gain this year left its shares trading at what it believes is fair value.

Mirvac Group (ASX: MGR)

The Mirvac share price is down almost 1.5% to $2.16. It is one of a number of ASX 200 real estate shares that are under pressure on Friday. This appears to have been driven by the release of Australian inflation data, which came in higher than expected. As a result, the market now believes that interest rate cuts are over and the next move could be higher by the Reserve Bank of Australia. This could put pressure on the real estate sector.

Qube Holdings Ltd (ASX: QUB)

The Qube Holdings share price is down 3.5% to $4.80. This may have been driven by profit taking from some investors following strong gains this week. The logistics solutions company's shares surged thanks to the receipt of takeover offer from Macquarie Group Ltd (ASX: MQG). The Macquarie Asset Management (MAM) business has offered $5.20 per share for Qube. In response, the company's chair, John Bevan, said: "The proposal from Macquarie Asset Management is a reflection of the strength of Qube's business model and our assets, and the quality of our people and culture. We look forward to continuing to engage constructively in the best interests of our shareholders."

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is down 3% to $17.64. On Thursday, this insurance giant revealed that supercell thunderstorms in south-east Queensland and parts of northern New South Wales were expected to cost Suncorp $350 million, having reached the reinsurance maximum event retention. This morning, according to a note out of Citi, its analysts have retained their neutral rating but cut their price target on its shares from $22.10 to $19.25.

The post Why Harvey Norman, Mirvac, Qube, and Suncorp shares are falling today appeared first on The Motley Fool Australia.