Qantas Airways has rejected a $11 billion AU dollar bid from a consortium including Australia's own Macquarie Bank. The consortium included Allco Equity Partners, Allco Finance Group, Macquarie Bank, Canadian buy-out group Onex and US private equity firm Texas Pacific Group.
"The proposed offer price is $5.50 [AU] per share and incorporates a number of complex conditions, the requirement for unanimous support by Qantas directors and a break fee," the airline said in a statement.
News of the rejection sent Qantas shares tumbling on the Australian market.
Another wrentch was in the proposal as Macqaurie has an interest in Sydney Airport.
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