Qantas Airways has rejected a US$8.6 billion deal from a consortium led by the Macquarie Bank and a Texas-based private equity firm. The Airline Partners Australia consortium offered $5.50 a share but the airline’s non-executive directors say the terms are not acceptable.

The bid included a number of “complex” conditions and required the unanimous support of Qantas directors, a break fee and a 90 per cent minimum acceptance.

According to the Australian Associated Press (AAP), Qantas may be open to a new takeover bid from the consortium.

“The consortium is considering its response to Qantas’ announcement,” it said. Analysts told AAP the consortium could offer a higher price with the same conditions.

Qantas won “Australasia’s Leading Airline” at this year’s World Travel Awards.

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