SYDNEY, June 27, 2026, 08:02 AEST
- Qube finished Friday at A$5.105, putting its market cap around A$9.04 billion. Trading volume for the day was 10.1 million shares, according to ASX data. Australian Securities Exchange
- The live cash spread is tighter than the A$5.20 headline figure. With the interim dividend already paid, the leftover cash comes to A$5.1465 per share.
- Shareholders have approved the deal. Next steps are FIRB, New Zealand OIO, and NSW court signoff. ASX Announcements
- The S&P/ASX 200 edged up 0.18% Friday. Still, the index lost 0.73% this week. ABC News
Qube Holdings Ltd ASX:QUB finished the week trading more like a stub than a freight company, as investors priced the remaining risk in the Macquarie Group Ltd ASX:MQG Asset Management buyout at around 4.15 Australian cents a share.
Friday’s close at A$5.105 is below the A$5.1465 payout current holders stand to get if the scheme goes ahead as per the company’s timetable. That payout combines A$4.80 in scheme consideration and an expected A$0.3465 special dividend. The A$0.0535 interim dividend, which brought the offer to A$5.20, only counted for shares held on March 4.
That gap is worth noting. On a headline basis, Qube is 9.5 cents under A$5.20, down about 1.86%. But if you remove the interim dividend—since it’s linked to a past record date—the live cash difference drops to around 0.81% before factoring in any franking credit tax value.
On ASX’s A$9.04 billion market cap, the 4.15-cent gap leaves about A$73 million of implied risk to the deal. The main 9.5-cent spread puts it closer to A$168 million. That’s what merger-arb funds and local shareholders see as they decide whether to hold the stock in July.
Qube shareholders approved the scheme June 16, with 98.11% present and voting for it at the general scheme meeting. 86.72% of votes cast were in support. UniSuper backed it too, using all its specified shares at a separate meeting.
The company said June 18 the Australian Competition and Consumer Commission won’t step in. Approvals from FIRB and the New Zealand Overseas Investment Office are still pending. A second court hearing is scheduled for July 7. The company has July 8 as the proposed scheme effective date, with implementation aimed at Aug. 14.
Qube chairman John Bevan told shareholders during the scheme meeting that “no Superior Proposal has emerged,” and directors did not know of any likely to appear. Grant Samuel said the scheme was fair and reasonable, calling it in the best interests of Qube shareholders other than UniSuper, unless a better offer came up.
The stock’s narrow spread stood out this week as the rest of the Australian market fell. AMP head of investment strategy and chief economist Shane Oliver said Friday that soft global leads, commodity price drops, and some profit-taking in banks dragged on Australian shares. ABC News
Qube said yes to an A$11.7 billion enterprise-value buyout from a Macquarie Asset Management-led group, Reuters reported in February. The logistics firm runs ports, terminals and bulk facilities around Australia. UniSuper chief investment officer John Pearce told Reuters at the time: “There will be more public-to-private transactions.” Reuters
ASX cash market trades from 10 a.m. to 4 p.m. Sydney time on business days. That means Friday’s close is the final trading level investors see before the weekend. CommSec
