The Macquarie Bank led US$9 billion buyout of Qantas has been rejected by Balanced Equity Management, threatening the world’s biggest airline takeover.Balanced Equity Management, which owns 4 percent of Qantas, claim the A$5.45 a share offer is too low and Qantas shares fell today as a result. The risk of owning Qantas bonds declined on speculation the buyout could collapse.

There are others still to decide on the bid and they may also reject the offer. Ninety percent of the stock is required for the bid to go ahead so these decisions are crucial.
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