Macquarie Asset Management (MAM) has submitted a proposal to acquire Qube at an enterprise valuation of approximately $11.6 billion.
Qube and MAM entered into a process and exclusivity deed yesterday [23 November 2025] in relation to the proposal of $5.20 cash per share.
The proposal follows an earlier 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 from MAM.
The current offer represents:
- a 27.8 per cent premium to the last closing share price of Qube of $4.07 per share on 21 November 2025;
- a 24.0 per cent premium to the volume weighted average price of Qube since the announcement of Qube’s financial year 2025 results on 21 August 2025 of $4.19 per share;
- a 45.2 per cent premium to the last closing share price of Qube on 21 November 2025 after adjusting for the value of Qube’s 50 per cent shareholding in Patrick Container Terminals; and
- an implied enterprise value/FY25 underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) multiple of approximately 14.4.
Qube’s Board determined it would be appropriate to enter a process deed with MAM following a careful evaluation of the proposal.
The deed grants MAM a period of exclusive due diligence access from the date of the deed until 1 February 2026.
In accordance with the proceed deed, each of Qube’s Directors have confirmed they intend to unanimously recommend Qube shareholders vote.
They reportedly also intend to vote or procure that any ordinary shares in Qube in which they have an interest are voted in favour of any scheme of arrangement in relation to the potential transaction.
This will be in the absence of a superior proposal, and subject to an independent expert concluding that the potential transaction is in the best interests of shareholders.
“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,” said Qube Chairman, John Bevan.
“We look forward to continuing to engage constructively in the best interests of our shareholders.”
The proposal and entry into a binding scheme implementation agreement are subject to a number of conditions, including:
- satisfactory completion of due diligence on Qube and its operations by MAM, with further due diligence being undertaken on an exclusive basis in accordance with the terms of the process deed;
- entry into a scheme implementation agreement on customary terms and conditions;
- a unanimous Qube Board recommendation;
- final approvals from the Qube Board and MAM;
- there being no material adverse change to Qube; and
- regulatory approvals (including Foreign Investment Review Board (FIRB) and Australian Competition and Consumer Commission (ACCC)).
According to Qube, there is no certainty the proposal will lead to a binding proposal for consideration by Qube shareholders.
“Qube will update shareholders in relation to the proposal in due course,” the company said.
“Qube shareholders do not need to take any action in relation to the proposal at this time.”
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