The deal, announced on Thursday morning, would see Alliance shareholders receive a piece of Qantas worth $4.75 for every Alliance share they owned.
The bid was at a 35 per cent premium to the last close, with the ratio to be determined by the volume weighted average price leading into the scheme’s record date. Alliance had Catapult Partners, a boutique that has helped it since the company listed a decade ago, in its corner, along with Herbert Smith Freehills and KingThe deal, designed to boost Qantas’ footprint in the charter segment of the market, comes three years after it acquired a 19.9 per cent stake in Alliance.The bid was timed to most of recent strength in Qantas’ share price, with the stock up 10 per cent in the past month.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.