Australian investment giant Macquarie Asset Management has submitted a non-binding indicative offer to acquire Qube, Australia' largest logistics company, for A$11.6 billion (US$7.5 billion) in enterprise value.

Qube and Macquarie have entered a process and exclusivity agreement in relation to the proposed acquisition. The cash price per share for the acquisition offer is A$5.20 (US$3.36) representing a 27.8 per cent premium to Qube's last closing price of A$4.07 (US$3.03) on November 1.

The proposal comes after a prior, lower-valued non-binding indicative offer, during which negotiations occurred and Macquarie was provided with limited due diligence in order to allow it to propose a materially improved proposal.

Following careful consideration, the Qube Board decided to enter into a process agreement with the investment manager This grants Macquarie an exclusive period of due diligence until February 1, 2026.

The directors of the logistics giant have confirmed that, to there being no superior proposal from a third party, it is their intention to unanimously recommend that shareholders vote in favour of the acquisition offer.

However, Qube revealed a statement that there is no certainty that the proposal will ultimately lead to a binding proposal for shareholders to consider. Qube will update shareholders in relation to the proposal as and when.

Qube Chairman John Bevan said: “Macquarie’s proposal recognises the strength of the Qube business model and assets, and the quality our people and culture. We look forward to progressing this matter actively, in the best interests of shareholders.”

Qube, Australia’s largest provider of integrated import export logistics services, has appointed UBS as financial adviser and Allens as legal adviser.