Qube Holdings Ltd shares surged to a record high on Monday after the Australian logistics company revealed it had received a non-binding takeover proposal from Macquarie Asset Management valuing the firm at an enterprise value of AU$11.6 billion (US$7.49 billion).
The cash offer of AU$5.2 per share represents a nearly 28% premium to Qube’s last close of AU$4.07 on Friday, triggering a sharp rally in the stock during early trading.
Qube shares jumped more than 18% to AU$4.84, while Macquarie Group’s shares, the parent of the asset management unit, were up 0.45% to AU$194.97 following the announcement.
According to Qube, the proposal follows a period of negotiations after Macquarie made a lower, unsolicited offer, although details of that earlier bid were not disclosed.
Premium valuation and deal structure
The AU$11.6 billion enterprise value equates to about 14.4 times Qube’s projected EBITDA for the 2025 financial year, based on figures provided in the company’s filing.
Enterprise value calculations include market capitalization and the cost of debt, minus cash on the balance sheet, offering investors a broader measure of a company’s total worth.
Qube’s operations span container leasing, car and grain cargo terminals, and a network of road and rail transport services across Australia.
The company confirmed it has entered into an exclusivity deed granting Macquarie Asset Management the right to conduct due diligence until February 1, 2026.
The deal remains subject to satisfactory due diligence outcomes, board approvals from both firms, and regulatory sign-offs.
Chairman John Bevan said Qube would continue to engage constructively with Macquarie “in the best interests of our shareholders,” while Macquarie Asset Management declined to comment.
The asset management division currently oversees nearly AU$960 billion globally across infrastructure, real estate, and agriculture portfolios, underscoring its capacity to pursue large-scale acquisitions such as Qube.
Analyst response and sector implications
Following the announcement, Citi Bank vice president and equity analyst Samuel Seow reiterated his “buy” rating on Qube, setting a target price of AU$4.9.
Seow highlighted potential headwinds, including intensifying price competition in the logistics sector and risks of industrial action affecting the company’s workforce.
The bid comes amid heightened consolidation across Australia’s logistics industry as companies seek to scale up and diversify amid rising demand for supply chain resilience.
Investors say a successful takeover could reshape the competitive dynamics in landside logistics, particularly in container and bulk handling services.
Wave of dealmaking across logistics and mining
Macquarie’s proposal for Qube adds to a string of acquisitions in Australia’s transport and logistics space.
Earlier this year, DP World acquired Silk Logistics for AU$175 million, expanding its footprint in landside warehousing and wharf cartage operations.
Lindsay Australia has also accelerated its expansion, purchasing Tasmania’s largest refrigerated supply chain operator, SRT Logistics, for about AU$108 million, following a separate acquisition of GJ Freight.
In parallel, the country’s mining sector saw major developments, with BHP announcing it would abandon its pursuit of British miner Anglo American.
The decision ends what had reportedly been a US$49 billion takeover effort initiated last year, marking one of the most closely watched M&A storylines in global mining.
For now, investors will be focused on Macquarie’s due diligence process and whether the indicative offer translates into a binding agreement, potentially setting up one of Australia’s largest logistics deals in recent years.
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