Qantas accepts APA bid defeat

The Board of Qantas Airways has acknowledged Airline Partners Australia’s (APA) statement that its current bid for Qantas would not proceed. As a result, Qantas will lift the trading halt on its shares. The Chairman of Qantas, Ms Margaret Jackson, said that APA’s bid had failed and the Board and management would move forward. Ms Jackson said the Board and senior management wanted to make it clear that APA’s $5.45 offer could not be renewed, and any future offer would be treated as a completely new matter. “This has been an extremely difficult process since the Board decided to recommend APA’s bid to shareholders.” Ms Jackson said the foremost priority of the Board and management now was the continuing successful operation of the company. She said continuity and stability were vital. “The Board will meet again today and will also be meeting in the near future to discuss management’s three-year plan and strategies for growth.”