Shares in Qube Holdings soared more than 18% to a record high after it received a takeover bid from Macquarie Asset Management (MAM) that values Australia’s largest logistics provider at A$11.6 billion (US$7.49 billion), including net debt.
MAM said it had submitted a conditional, non-binding and indicative proposal to acquire Qube at $5.20 cash per share by way of a scheme of arrangement on behalf of its managed funds and clients.
Qube and MAM, a division of financial services giant Macquarie Group, entered into a process and exclusivity deed in relation to the proposal on 23 November 2025.
Qube said the proposal was:
- a 27.8% premium to its last closing share price of $4.07 per share on 21 November
- a 24.0% premium to its volume weighted average price since its FY25 results on 21 August of $4.19 per share
- a 45.2% premium to its last closing share price on 21 November after adjusting for the value of its 50% stake in Patrick Container Terminals, and
- an implied enterprise value / FY25 earnings before interest, tax, depreciation and amortisation multiple of approximately 14.4x.
"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," Qube Chairman John Bevan said in an ASX Announcement.
MAM had previously made an unsolicited, non-binding and indicative offer at a lower value and a period of negotiation, which included the provision of limited due diligence information to facilitate a meaningfully improved proposal.
The proposal price will be reduced by the cash amount of any future dividends paid by Qube, the quantum of which has not yet been determined.
Qube directors intend to recommend Qube shareholders vote in favour the bid in the absence of a superior proposal and subject to an independent expert concluding it is in shareholders’ best interests.
RBC Capital Markets analyst Owen Birrell said in a note to clients the MAM offer represented a ‘full’ valuation of Qube’s equity.
He had a ‘sector perform’ rating on Qube with a price target of $4.30.
At the time of writing, Qube shares were trading 76 cents (18.67%) higher at $4.83, valuing the company at $8.55 billion, after earlier reaching a new high of $4.89.
Qube is Australia’s largest integrated provider of import/export logistics services with more than 200 locations in Australia, New Zealand and Southeast Asia and about 10,000 employees.
