The private equity group headed by Macquarie Bank has adapted its terms regarding its $11.1 billion buyout bid of Australian airline Qantas to facilitate the deal.
Macquarie and its partners have stated that the cash offer of $4.50 per share will still stand, but that the group will accept 70 percent approval from shareholders rather than the 90 percent that it had initially sought.
It had looked as though the deal was doomed to fail after 10 percent of investors had rejected the consortium’s offer, with key shareholder Balanced Equity Management, which owns a six percent stake, saying that the bid undervalued the company.
That threatened to jeopardize the takeover because Australian law prohibits bidders from increasing their offer price.
A statement issued by the group also revealed that the offer is to be extended until May 4th and that 30 percent of shareholders have indicated that they have accepted the offer – up from 29 percent previously.
Macquarie’s partners in the consortium include Texas Pacific Group and Allco Equity Partners.