SYDNEY, June 29, 2026, 05:08 AEST – The spread on Qube Holdings’ ASX:QUB merger tightened to 0.7% as Macquarie’s bid moves toward a court hearing in July.
- Qube ended Friday at A$5.11. At this price, a buyer faces a 3.65-cent cash shortfall versus the remaining scheme cash.
- The shareholder vote is complete. The next steps are FIRB, New Zealand OIO, and court approvals.
- For eligible holders, the special dividend’s franking credit may exceed the cash spread.
- Qube’s investor page shows its latest ASX or media announcement is the June 18 regulatory update.
Qube Holdings Ltd. ASX:QUB traded near the Macquarie-backed buyout offer ahead of Monday’s pre-open, though the merger spread is narrower than the A$5.20 offer price. The ASX had not opened for cash trading as of the dateline; pre-open begins at 07:00, with regular trading from 09:59:45 to 16:00 Sydney time.
The stock last changed hands at A$5.11 on Friday, flat for the day on Twelve Data and within a tight range seen since late June. Qube’s investor page shows the June 18 regulatory update as its most recent ASX or media post, following the June 16 scheme vote.
The key issue for investors is the dividend calculation. Qube’s A$5.20 total payout includes a 5.35-cent interim dividend paid on April 9 to holders on the March 4 record date. Buyers at Friday’s close will receive A$4.80 in scheme consideration plus the planned 34.65-cent special dividend, totaling A$5.1465 before franking credits. That’s 3.65 cents, or roughly 0.7%, above the A$5.11 last price.
| Measure | Deal math | Read-through |
|---|---|---|
| Headline offer gap | A$5.20 – A$5.11 = A$0.09 | Shows 1.8%, factoring in the interim dividend |
| Remaining cash for a Friday buyer | A$4.80 + A$0.3465 – A$5.11 = A$0.0365 | Roughly 0.7% gross cash spread |
| Special dividend franking credit | Up to A$0.1485 per share | Tax situation may be bigger than the spread |
| Qube deal equity value | About A$9.3 billion | Qube’s stated fully diluted value |
| Independent expert range | A$4.93-A$5.41 per share | A$5.20 falls within Grant Samuel’s range |
Franking credits are the key factor for some Australian investors. Qube said shareholders who qualify could get franking credits worth up to A$0.1485 per share on the special dividend, depending on their tax status. That is four times the 3.65-cent cash shortfall as of Friday’s close.
Shareholder risk is mostly gone. The detailed vote showed 1.021 billion votes, or 98.11%, in favour at the main scheme meeting. In the headcount vote, 1,985 holders supported and 304 opposed, with 86.72% in favour. UniSuper backed the deal with all its specified shares in its separate meeting.
Regulatory risk remains. On June 18, Qube said the Australian Competition and Consumer Commission told the bidder it did not plan to intervene. FIRB and New Zealand Overseas Investment Office approvals are still pending. The same update set the second court hearing for July 7, the scheme effective date for July 8, the special dividend record date for July 14, and implementation for August 14.
The appeal of Qube for buyers is unchanged. Ani Satchcroft, Macquarie Asset Management’s Asia-Pacific co-head of infrastructure, told Reuters in February, “Qube is a really great reflection of the Australian economy,” highlighting “imports such as containers and vehicles.” UniSuper chief investment officer John Pearce told Reuters, “There will be more public-to-private transactions,” adding that private ownership can support “longer-term investment decisions.” Reuters
Qube chairman John Bevan told scheme-meeting investors the A$5.20 offer “represents an attractive premium.” Qube said Grant Samuel valued the company, including a control premium, at A$4.93 to A$5.41 per share and found the scheme fair and reasonable.
The stock showed little movement last week. Qube ended at A$5.11 on both June 19 and June 26, while the S&P/ASX 200 (INDEXASX:XJO) gained 0.18% on Friday to close at 8,764.20. Its price now reflects deal timing more than freight trends.
Qube’s updated schedule sets the next key date as the July 7 court hearing. If the court signs off and all approvals come through, Qube shares will stop trading after the July 8 effective date. The special dividend is set for July 23, and scheme cash is due August 14.
