Qube Holdings' $11.7bn Takeover Clears ACCC and Shareholder Vote

A Macquarie Asset Management-led consortium's $5.20-a-share bid for the diversified logistics company progressed through exclusivity to regulatory clearance and overwhelming shareholder approval.

30 Jun 2026 · 3 min read

Qube Holdings, a high-quality diversified logistics company, became the target of an $11.7 billion Macquarie Asset Management-led consortium takeover at $5.20 a share, with fund managers trimming positions after strong prior performance before the deal progressed through exclusivity, ACCC clearance and overwhelming shareholder approval.

A high-quality logistics business attracting fresh interest

Paradice Investment Management said it reduced its holding in Qube on valuation grounds after strong share price performance. Clime Investment Management said it initiated a position, viewing Qube as a high-quality logistics company that benefits from diversified exposure across non-cyclical sectors, disciplined capital allocation and strong strategic execution, attracted to its strong market positions, robust balance sheet and solid industry backdrop.

We view QUB as a high quality logistics company that benefits from diversified exposure across non-cyclical sectors, disciplined capital allocation, and strong strategic execution. We are attracted to its strong market positions, robust balance sheet, and solid industry backdrop.

— Clime Investment Management, Monthly Report, September 2025

A $5.20 per share takeover approach from Macquarie Asset Management

SG Hiscock and Company said Qube announced on 24 November that it had entered a non-binding exclusivity deed with Macquarie Asset Management for the purchase of 100 percent of the company at $5.20 a share, with the board granting MAM exclusive due diligence until 1 February 2026 and confirming it would unanimously support the proposal in the absence of a higher offer. Infinity Asset Management said Qube was a top-three active position and a major contributor to performance, rising 10.7 percent, driven by the indicative proposal from Macquarie Asset Management to acquire the company for $5.20 a share in cash.

On 24 November Qube Holdings announced it has entered a non-binding exclusivity deed with Macquarie Asset Management (MAM) for the purchase of 100% of the company at $5.20/share. Qube's board has granted MAM exclusive due diligence to 1 February 2026 and confirmed they unanimously propose to support the proposal in the absence of a higher offer.

— SG Hiscock and Company, Monthly Report, November 2025

Trimming into strength as valuations stretch

PM Capital said it reduced its exposure to Qube, still liking the business but concluding the significant increase in its valuation over the past year meant it no longer warranted such a large position.

ACCC clearance and shareholder approval finalise the $11.7bn deal

Blackwattle Investment Partners said it established a new position in Qube during the month, capturing the final stages of the previously announced $11.7 billion takeover by a Macquarie Asset Management-led consortium operating as Rubik Australia, with ACCC clearance received during the month and Scheme Meetings seeing shareholders vote overwhelmingly in favour of the acquisition, alongside a meaningful fully franked dividend announcement.

A new position in Qube was established during the month, capturing the final stages of the previously announced $11.7 billion takeover by a Macquarie Asset Management led consortium operating as Rubik Australia. ACCC clearance was received during the month, and Scheme Meetings saw shareholders vote overwhelmingly in favour of the acquisition.

— Blackwattle Investment Partners, Monthly Report, June 2026

What fund managers say they are watching next is completion of the $11.7 billion Macquarie Asset Management-led Rubik Australia acquisition, delivery of the announced fully franked dividend to shareholders, and finalisation of the scheme implementation following the overwhelming shareholder vote in favour.