The Macquarie Group Ltd. logo at the company’s headquarters in Sydney, Australia, Wednesday, June 18, 2025.
Brent Lewin | Bloomberg | Getty Images
Australia’s Cube Holdings said on Monday that Macquarie Asset Management had submitted a non-binding offer to acquire the logistics company for an enterprise value of A$11.6 billion ($7.49 billion).
Macquarie is offering to buy Qube for A$5.2 per share in cash, representing a nearly 28% premium to Qube’s closing share price of A$4.07 on Friday.
On Monday, Cube shares soared more than 20% to a record high of A$4.89, while the wealth management unit’s parent Macquarie Group saw its shares fall by as much as 0.37% to A$193.38.
Cube said in the filing that the bid was made following a period of negotiation, following a previous unsolicited lower offer from Macquarie Asset Manager, but did not disclose the exact amount of the previous offer.
cube stock price
The enterprise value is approximately 14.4 times Qube’s fiscal 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA), according to the filing. Enterprise value typically measures the total value of a company by subtracting cash from its market capitalization and debt service costs.
Qube’s main activities are container leasing, motor vehicle and grain cargo terminals, and road and rail transportation services.
The transaction is subject to “satisfactory completion” of due diligence on Qube and its operations, final approval from both companies’ boards of directors, and regulatory approvals.
Cube said it has an exclusive agreement with Macquarie, during which the asset manager will have the opportunity to conduct due diligence until February 1, 2026.
“We look forward to continuing to work constructively in the best interests of our shareholders,” Qube Chairman John Bevan said in the filing.
A Macquarie Asset Management spokesperson declined CNBC’s request for comment in an emailed response on Monday.
Macquarie Asset Management currently manages approximately A$960 billion of assets worldwide across public and private markets, with portfolio companies covering the infrastructure, real estate and agriculture sectors.
Following Qube’s announcement, Citi Bank Vice President and Equity Analyst Samuel Seo reaffirmed his buy rating on the company, with a price target of A$4.99. Mr Seow warned of potential downside risks, including price competition in Australia’s logistics market and industrial action that could impact Qube’s workforce.
The proposed deal between Cube and Macquarie comes at a time of increased deal activity in Australia’s logistics sector, with major companies looking to expand their footprint in the country.
DP World, which operates terminals and warehouses in ports across Australia, acquired Silk Logistics for A$175 million earlier this year, taking over its land warehousing and wharf carting operations (moving goods from ports to warehouses and other destinations).
In May, Lindsay Australia acquired SRT Logistics, Tasmania’s largest refrigerated supply chain operator, for approximately $108 million, raising the bar for expanding its national cold chain footprint. Lindsay is looking to expand into Western Australia, following its acquisition of GJ Freight earlier this year.
Apart from this, Australia BHP GroupThe world’s largest mining company announced on Monday that it was abandoning its bid to acquire a British mining company. anglo americanhas backed away from a reported $49 billion takeover attempt to buy Anglo that it launched last year.
