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Just canada goose outlet ontario before Christmas, Qantas chiefs canada goose outlet online store Margaret Jackson and Geoff Dixon staged an unusual public embrace as Bob Mansfield, from private equity suitors Airline Partners Australia, looked on.
Four months later, at exactly 7 pm on May 4, the deal that couldn’t fail nosedived into one of the most humiliating stuff ups in Australia’s corporate history. Trapped in the wreck was an A list of Australian business celebrity that featured Jackson, Dixon, Mansfield, James Packer and hotshots from hitherto Midas blessed Macquarie Bank.
canada goose black friday sale How did the canada goose outlet near me unthinkable happen? Why did the $11.1 billion bid for Qantas fail so spectacularly? And what does the Qantas debacle say about the seemingly unstoppable flood of private equity that is driving takeovers across the globe? canada goose black friday sale
buy canada goose jacket cheap Worldwide, private equity last year reportedly accounted for more than canada goose outlet in uk $850 billion, about a fifth of the record $4.6 trillion in deals. And as private equity has ballooned, debate has sharpened. In the UK, it’s now an election issue. buy canada goose jacket cheap
canadian goose jacket Critics brand the canada goose outlet mississauga private equity industry as impenetrably secretive and unaccountable, as corporate barbarians and locusts that strip assets, bury good businesses in debt and don’t pay their fair share of tax. But barrackers say private equity injects new life into flagging or undervalued businesses. And it’s free from the pressures of shareholders demanding constant updates and instant dividends. “We drive for a destination, a higher result in three to five years,” says Australia’s private equity lobby. canadian goose jacket
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canada goose clearance Tonic or toxic? Private equity’s pros and cons are examined as canada goose outlet usa Four Corners reporter Ticky Fullerton looks at the Qantas bid and explores another Macquarie deal the $20 billion takeover of Britain’s biggest water company, Thames Water. canada goose clearance
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Canada Goose online “A Private Affair” on Four Corners, canada goose outlet legit 8.30 pm Monday 28 May. Tom Elliott, as a deal, Qantas, the private equity deal, did did it make sense overall? Canada Goose online
Canada Goose Jackets A. Look I don’t even know at the moment. I mean it probably would’ve made sense although personally I don’t think airlines are such great investments that I’d be wanting to buy literally billions of dollars in investing in one. However it’s a Macquarie Bank, Allco Equity Partners and the other people in the Airline Partners consortium that clearly did. What they failed to do however was make sure that it made sense to the shareholders, and of course a significant proportion of the company’s shareholders said that they weren’t prepared to accept the cash on offer. And because the bid had been declared final relatively early in the piece there was really not much room to move for for Macquarie and the other bidders. Canada Goose Jackets
Q. So in terms of making that that decision to make the bid final how significant did that turn out to be?
Canada Goose Parka A. All takeovers are a bit of a game. And these days when you’ve got funds like the one I run, when you’ve got institutional shareholders who like to canada goose outlet toronto make their own decisions, they don’t just canada goose uk do what their board tells them. And let’s remember here that the Qantas board said that shareholders really should accept, and they were firmly on the side of the bidders, which isn’t canada goose stockists uk necessarily the right thing for a board to do. But I think that you know shareholders like to make up their own minds. The bidding consortium clearly declared the bid final to try and force their hands. Personally I think it was a tactical error that was one of the reasons the bid failed. Canada Goose Parka
Q. canada goose outlet store quebec In fact I think Bob Mansfield during the bid said that not only was canada goose outlet seattle the bid final but he also let slip that there would be no re bid, which seems to have caused some problems down the track for them.
canada goose uk shop A. There’s a thing in the Takeover’s Code about. takeovers, that says if people say things in in the course of a bid then they should be held to them. So declaring a bid final means you can’t increase it. Saying there won’t be another bid means that well that’s exactly what you can’t do. Yet of course after this canada goose outlet parka bid failed Macquarie Bank came out and said that they were considering another bid. So clearly not everybody is singing from the same hymn sheet within the Airline Partners. canada goose uk shop
Q. Okay. So take me back to to the Friday, because I mean there were arguments pro and against the deal. But how would you describe what happened that Friday night and through the weekend?
canada goose clearance sale A. Well a big stuff up is one way to describe it, to summarize it. Look what happens, a lot of takeovers do go down to the wire in the sense, canada goose outlet paypal a lot of institutional shareholders wait until the very last moment to accept. Now at Macquarie Bank, and I keep saying them, because they were one of the major partners within the airline partners consortium. canada goose clearance sale
Q. But I mean who who was actually running the bid at that stage?
buy canada goose jacket A. I believe it canada goose clothing uk was Macquarie Bank. buy canada goose jacket
Q. Yes.
A. So they had to get 50 per cent of shareholders over the line in order to simply extend the bid for another two weeks. Now let’s not forget the bid was still ultimately conditional upon 70 per cent acceptances. And people who are now saying oh there should be another bid might canada goose outlet store new york you know reflect on the fact that if they couldn’t quite get to 50 what canada goose outlet in montreal chance did they really have of getting canada goose outlet new york city to 70. But they desperately needed to get 50 per cent. They were ringing canada goose outlet store near me up shareholders left, right and centre. However, canada goose outlet toronto factory they couldn’t convince one of the company’s major shareholders, which was the Heyman Hedge Fund canada goose outlet woodbury over in the United States, which I believe holds 10 per cent of the company. they didn’t accept by 7.00 o’clock and so after the bid deadline expired they just said well we failed, we got to 46 per cent, that’s not enough. And yet amazingly that same US shareholder came back several hours later, very early Saturday morning, and said they would accept, even though the deadline had expired. It’s a bit like turning canada goose outlet nyc up late late to a housing auction and saying oh can canada goose outlet orlando I bid now? You know well the auction’s finished. it’s almost unprecedented in in recent takeover history for that to happen, for someone not to accept and canada goose outlet then accept several hours later.
canada goose store Q. You’re quite familiar with presumably these kind of tactics. What do you imagine the tension was like in the bidding room on Friday night canada goose store.