Qantas bidders to vote on takeover plan

Members of the Airline Partners Australia consortium, which is bidding for Qantas, will meet Thursday to vote a proposed restructure of its A$11.1 billion takeover offer, The Age newspaper reports Thursday. The Macquarie Bank-led consortium will meet to vote on dropping its original 90% minimum acceptance threshold to between 70% and 75%, to end a standoff, the newspaper says without saying where it got its information.

The consortium, which includes Allco Equity Partners, Allco Finance Group, Texas Pacific Group and Onex Partners, held talks Wednesday with banks and underwriters on a refinancing of the takeover after the in-principle agreement reached last week, The Age reports.

The group will also extend its bid, which had been due to close April 20, for a second time, the newspaper says.