Qube board recommends Macquarie's A$5.20 per share acquisition bid

Qube Holdings Limited has entered into a process deed with Macquarie Asset Management for an indicative, conditional, and non-binding proposal to acquire Qube for A$5.20 cash per share via a scheme of arrangement. The A$5.20 per share offer represents a 27.8% premium to Qube’s last closing share price of A$4.07 on November 21, 2025, and implies an enterprise valuation of approximately A$11.6 bn. The Qube board intends to unanimously recommend the proposal, contingent on no superior offer and an independent expert's conclusion that it is in shareholders' best interests.

The proposal is subject to several conditions, including satisfactory due diligence, entry into a binding scheme implementation agreement, unanimous Qube board and MAM approvals, no material adverse change to Qube, and regulatory clearances. Qube also announced that its chairman, Allan Davies, retired on November 20, 2025, with John Bevan elected to succeed him.

BlackRock Group, a substantial shareholder, reported changes in its relevant interests in Qube. As of November 14, 2025, BlackRock's voting power increased from 6.07% to 7.08%, with its total votes increasing from 107,490,904 to 125,396,199. These changes involved a series of on-market purchases, sales, and in-specie transfers throughout the year.