Macquarie Group logo is seen inside their headquarters in Sydney, Australia, May 9, 2025.
The stock surged by as much as 19.7 percent during trading, touching A$4.890 before closing at A$4.86. This performance significantly exceeded the 1.3 percent gain recorded by the broader Australian market index (.AXJO).
Macquarie Asset Management offered A$5.20 per share in cash, representing a 27.8 percent premium over Qube’s closing price on the previous Friday.
In its filing to the Australian Securities Exchange, Qube confirmed that the approach marked MAM's second attempt to acquire the company. The board has granted MAM a period of exclusive due diligence, during which no discussions with other parties will take place.
Qube operates an extensive network of ports, intermodal terminals, and bulk handling facilities throughout Australia. The proposed transaction values the company's enterprise at A$11.6 billion, including approximately A$2.3 billion of net debt based on the latest financial reports.
If completed, the acquisition would become the largest corporate transaction announced in Australia this year. Deal activity in the country has risen sharply in 2025, with announced transactions totaling $72.67 billion to date, the highest level in three years, according to LSEG data.
The exclusivity period is scheduled to conclude on February 1, 2026. Completion of any transaction remains subject to satisfactory due diligence, regulatory clearances, and the execution of a binding agreement.
Qube Chairman John Bevan stated: “This proposal highlights the strength of Qube's assets and operations.”
All directors of Qube have indicated their intention to recommend that shareholders support the proposal, provided no superior offer emerges and an independent expert determines the terms to be fair and reasonable.
Market analysts at Ord Minnett noted that Qube's strategic portfolio of logistics infrastructure could attract competing interest from global shipping companies or international infrastructure investors.
Qube also advised that the A$5.20 per share offer price would be adjusted downward to reflect any dividends declared and paid prior to completion of a transaction.
The announcement underscores continued strong investor interest in high-quality Australian infrastructure and logistics assets amid an improving environment for corporate transactions.
