Azzet reports on three stocks with price moving updates today.
Qube jumps on takeover offer ~
Shares in Qube (ASX: QUB) were trading 3.5% higher by 2:10 pm AEDT (3:10 am GMT) after revealing to the market that a planned takeover by Macquarie Asset Management (MAM) – the global asset management division of Macquarie Group Limited (MQG) - will see the ports and logistics company become the next large infrastructure stock to kiss the ASX farewell.
Macquarie Group’s shares also gained 1% following the news.
The 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 – follows the indicative bid of $5.20 per share in cash that MAM made three months ago.
Representing MAM’s largest ever bet on Australian infrastructure, the $5.20 per share all-cash acquisition proposal values Qube at an enterprise value of $11.7 billion and represents a 27.8% premium to its last closing price of $4.07 on 21 November 2025.
The offer equates to an EV/FY25 EBITDA multiple of around 14.5x.
The deal permits Qube to pay up to $0.40 per share in total dividends prior to implementation, while UniSuper will roll its 15.07% stake into the new holding structure rather than receive cash.
While shareholders (ex-UniSuper) will receive $5.20 in cash per share, a "ticking fee" of two cents per month is also payable if the transaction extends past December 2026.
The Qube board recommends shareholders accept the offer in the absence of a superior proposal.
However, given that a superior proposal may surface, Qube’s board has discouraged shareholders from taking any immediate action.
Commenting on today’s update, Qube’s managing director, Paul Digney told the market that MAM's offer underscores the value that has been created through the company’s strategy for growth and the quality of its underlying business.
“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,” he said.
To the uninitiated, Qube’s operation spans Australia, Southeast Asia and NZ, while its network handles a range of freight services, including bulk commodity exports and employs around 10,000 people.
Macquarie Asset Management currently manages around $720 billion in assets globally across public and private markets with portfolio companies spanning across the infrastructure, real estate and green investments sectors.
For full year ending June 30, 2025, Qube record underlying revenue of $4.46 billion, up 27.3% year-on-year.
A total fully franked dividend of 9.8 cents per share was declared for FY25, a 7.1% increase from the previous year.
Qube’s share price bounced from $4.07 21 November to $4.97 on 27 November after MAM made its indicative bid of $5.20 per share bid and has been treading water ever since.
Qube Holdings has a market cap of $8.8 billion; the share price is up 22% in one year and up around 6% in the last week.
The stock appears to be in a long-term uptrend confirmed by multiple indicators.
Consensus is Hold.
Magnetic Resources jumps on takeover update
Shares in Magnetic Resources (ASX: MAU) were trading 26.4% higher after the emerging gold producer revealed plans be taken over by large cap gold stock Genesis Minerals (ASX: GMD).
It’s understood that Genesis Min’s 100% acquisition of Magnetic Resources, which delivers it control of Magnetic’s flagship Lady Julie gold project, will add more than 2 million ounces of gold - at a grade of 1.8 grams per tonne - to its growing inventory.
In response to today’s announcement, Genesis Mins share price was trading around 7.9% higher this afternoon.
The $1.40 in cash and 0.0873 new Genesis shares per share - as default consideration – values Magnetic at around $639 million on a fully diluted basis and implying a value of $2 per share and a premium of up to 35% to recent trading levels.
Subject to regulatory and shareholder approvals the deal is expected to be completed in June 2026.
It’s understood that the cash component of acquisition will be funded from Genesis’ existing cash and corporate revolving cash advance facility.
Commenting on today’s update, Magnetic managing director, George Sakalidis told the market that today’s proposal provides an opportunity for shareholders to realise an attractive premium, with the flexibility to accept cash or shares in Genesis.
“Exchanging Magnetic shares for Genesis shares will enable Magnetic shareholders to retain exposure to Lady Julie with the benefit of Genesis’ best-in-class project development team, diversified operating cash flow and robust balance sheet,” he said.
Meanwhile, Genesis executive chair, Raleigh Finlayson told the market that shareholders of both companies will benefit by leveraging Genesis’ existing infrastructure, including the 3Mtpa Laverton mill, creates immediate operational synergies that distinguish it from typical speculative mining transactions.
Today’s acquisition follows Genesis’ outstanding production and cash generation for January 2026 – with gold production standing at 23koz for the 31-day period - driven by record monthly mill throughput at Laverton of 292kt, resulting in cash and equivalents of $465 million at 31st January ($404 million at 31st December).
January production included no third-party ore with the final campaign on track to end by 31st March 2026.
Give that modern gold mining operations face substantial transportation costs, the proximity factor – with the Lady Julie gold project located approximately 20 kilometres from Genesis - cannot be overstated in its strategic importance.
Magnetic recently raised $35 million to fund expansion drilling and feasibility optimisation work as gold prices remain at record levels.
Magnetic Resources has a market cap of $590 million; the share price is up 48% in one year.
The stock appears to be in a strong bullish trend confirmed by multiple indicators.
Consensus is Strong Buy.
Genesis Minerals has a market cap of $8.2 billion; the share price is up 119% in one year and up 8.7% in the last week.
The stock appears to be in a strong bullish trend confirmed by multiple indicators.
Consensus is Strong Buy.
a2 Milk rallies on growth guidance lift
Before profit taking this morning, shares in a2 Milk (ASX: A2M) were up around 11% after the dairy producer lifted FY26 revenue growth guidance to mid double-digit per cent after reporting an 18.8% jump in first-half revenue to NZ$993.5 million (A$849.1 million).
However, after some opportunist selling, the shares were up around 3.6% in afternoon trading.
Earnings margins are also forecast to be around 15.5% to 16.0%, while net profit is expected to be up on FY25 reported levels.
The company now expects revenue growth in the mid double-digit percentage range (from low double-digit) compared to FY 2025 continuing operations.
The board declared an interim dividend of 11.5 NZ cents per share, up 35.3% year on year, representing around 74% of net profit from continuing operations.
While profits rose from NZ$102.5 million to NZ$112.1 million in the six months to December 31, after accounting for a $NZ103 million loss on the sale of Mataura Valley Milk announced in August, profit came in at NZ$9.2 million.
The market is clearly chuffed by the Kiwi-based company’s ability to book higher revenues this year in spite of falling birthrates within its most lucrative market, China - where it 8% share of the overall infant milk formula (IMF) market – which represents around 68% of the company's total group revenue of NZ$1.90 billion.
Including 20.9% for English-label products and 6.5% in Chinese-label products - which achieved record market share - infant milk formula revenues was up 13.6%.
Liquid milk sales rose 18.5%, while Other Nutritionals revenue surged 42.9% (excluding a2 Pokeno ingredient sales).
For the six months to December 31, the company had closing cash of $896.9 million, with operating cash conversion of 90.8%.
Commenting on today’s update, a2 Milk CEO David Bortolussi reminded the market that infant milk formula continued to underpin the company’s growth strategy and continued outperformance.
“The company’s strong performance in the half has enabled us to upgrade our full-year guidance and declare an interim dividend at the higher end of our policy range,” he said.
“Our upgraded outlook means we are now on track to achieve our $NZ2 billion medium term sales ambition ... a full year ahead of plan.”
Coinciding with the sale of Mataura Valley Milk last year, a2 Milk spent $257 million buying the Pokeno dairy manufacturing facility in NZ, which it expects to aid expansion through access to two difficult-to-obtain Chinese label registrations.
Meanwhile, the company is awaiting approvals to amend the registrations to sell under its own brand.
In addition to launching new milk powder products targeting children and older people in China, over the last year, a2 Milk has also expanded an agreement with state-owned China State Farm Agribusiness Holding Shanghai to allow its English label products to be sold in China for the first time.
a2 Milk Company has a market cap of $6.4 billion; the share price is up 49% in one year and up 7.7% in the last week.
The stock’s shares appear to be in a near-term downtrend confirmed by its 20-day moving average. Specifically, the 20-day moving average is falling.
Consensus is Moderate Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
