FNArena Alert: APA Says Qantas Bid Has Lapsed

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By Greg Peel

Airline Partners Australia has announced that on late submissions, and assumed 100% individual acceptance, it had actually achieved 57.4% total acceptance for its Qantas (QAN) bid.

However, given the Takeover Panel has rejected late acceptances, and given the legal complexities surrounding the challenge to the 100% of shareholding accepted clause, which is in dispute, APA has decided not to pursue legal process and has instructed Qantas shareholders to consider the offer to have lapsed.

There are also now problems with the amount of foreign buyers who acquired the stock late in the proceedings on Friday pushing foreign ownership to some 65%, well over the legal 49% limit.

It is as yet unclear whether APA will reformulate another bid. Trading in Qantas shares will recommence on the ASX this morning.

For shareholders and investors looking for direction in how and what once trading in Qantas shares recommences, FNArena happily refers to this morning’s Australian Broker Call Report.

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