Qube (QUB AU): Trading Tight To Macquarie's Firm Offer

Feb 16, 2026

∙ Paid

Logistics and infrastructure play Qube (QUB AU) has announced the Macquarie Asset Management-led consortium has now firmed an Offer at A$5.20/share, the same price as the NBIO.
Terms equate to a 27.8% premium to undisturbed. And ~14.5x FY25 EV/EBITDA. Fully franked dividends up to A$0.40/share are permitted but will be netted. UniSuper to roll up its 15.07%
Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB, ACCC, OIO, and PNG regs.

The Trade:

Trading at a 3.8%/8.6% gross/annualised spread.
That strikes me as being way too tight, even if factoring in franking credits for those who can take advantage; and especially noting ACCC may well raise a SOI.
1H26 results are out on the 20th Feb.

On balance, I think this Offer will get up - perhaps with remedies. I’m just bearish the price here as it is trading tight.

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