Qube Holdings Limited (ASX: QUB) is moving closer to a potential takeover. Macquarie Asset Management has confirmed it wants to continue reviewing the Company’s books. This keeps the door open for a $5.20 per share buyout that could reshape Australia’s logistics landscape.
Figure 1: Qube Holdings locomotive operating within its rail logistics network [Source: Fairmont Equities]
The latest QUB ASX announcement came on 16 January 2026. It means Macquarie still has exclusive access to dig deeper into Qube’s operations. For shareholders watching this QUB market update unfold, the waiting game continues.
Macquarie Keeps Exclusive Rights to Review Qube
Qube Holdings received formal confirmation from Macquarie Asset Management on 16 January 2026. The confirmation allows Macquarie to extend its exclusivity period under the process deed signed on 23 November 2025. This QUB ASX announcement means no other buyers can approach Qube during this time.
The Company announced that Macquarie reaffirmed its intention to continue working toward a binding proposal. However, there is no guarantee this will happen. Macquarie must complete its review of Qube’s finances, operations, and assets before making a final decision. This QUB market update keeps shareholders informed about the ongoing process.
Understanding the $5.20 Per Share Proposal
Macquarie Asset Management initially proposed to buy all Qube shares at $5.20 each in cash. This values the entire Company at approximately $11.6 billion. The offer represents a 27.8% premium over Qube’s closing share price of $4.07 on 21 November 2025.
The proposal also sits 24.0% above Qube’s volume weighted average price since the Company announced its FY25 results in August 2025. That average was $4.19 per share. For shareholders who purchased at lower prices, this represents a meaningful gain if the deal proceeds. The QUB share price news has generated significant market interest since November.
Figure 2: Qube rail operations showcasing on-ground logistics workforce and assets [Source: Qube Holdings]
The offer includes Qube’s stake in Patrick Container Terminals. When adjusting for this 50% shareholding, valued at approximately $7.0 billion on a 100% basis, the premium jumps to 45.2%. The implied enterprise value to FY25 EBITDA multiple sits at approximately 14.4 times.
What Needs to Happen Before a Final Deal
Several conditions must be met before this becomes binding. Macquarie must complete its due diligence review of Qube’s operations satisfactorily. The Qube Board must unanimously recommend the deal to shareholders. Both parties need final internal approvals.
Regulatory clearances are also essential. The Foreign Investment Review Board and the Australian Competition & Consumer Commission must approve the transaction. Any material adverse change to Qube’s business could derail the proposal. This QUB ASX announcement outlined all key conditions clearly.
The exclusivity period under the process deed runs until 1 February 2026. Macquarie can extend this to 15 February 2026 if it provides written notice by 29 January 2026. The extension requires Macquarie to confirm it continues progressing the transaction in good faith.
Industry Outlook: Australia’s Logistics Sector Attracts Major Capital
Australia’s logistics and infrastructure sector continues to draw significant institutional interest. The sector’s essential role in supply chains makes it attractive to long-term investors seeking stable cash flows. Major port and terminal operators like Qube benefit from growing trade volumes and limited competition.
Figure 3: Qube employee at a rail terminal [Source: Qube Holdings]
Consolidation in the logistics industry reflects the capital-intensive nature of these businesses. Scale matters when operating ports, terminals, and transport networks. Institutional buyers value the predictable revenue streams from long-term customer contracts.
What the Qube Board Says About This Proposal
Qube Chairman John Bevan addressed the proposal in November 2025. He said the offer reflects the strength of Qube’s business model and assets. Bevan also highlighted the quality of the Company’s people and culture.
Figure 4: Qube Holdings Chairman John Bevan [Source: Qube Holdings]
The Board indicated it would engage constructively with Macquarie in shareholders’ best interests. All Qube directors confirmed they intend to recommend the scheme of arrangement to shareholders unanimously. This recommendation depends on receiving a binding agreement at the stated price or higher. The QUB market update confirms the Board’s continued engagement.
The Board’s recommendation also requires an independent expert to conclude that the transaction serves shareholders’ best interests. If a superior proposal emerges from another party, the Board retains the right to consider it.
QUB Market Update: Share Price Reflects Takeover Premium
Qube’s share price closed at $4.770 on recent trading, according to market data. The gap reflects market uncertainty about whether Macquarie will proceed with a binding proposal. The QUB share price news shows investors remain cautious. The Company’s market capitalisation stands at approximately $8.40 billion.
    
Figure 5: Qube Holdings (ASX: QUB) share price performance over the past year [Source: ASX]
What Happens Next for Qube Shareholders
Qube will update shareholders as the process continues. The Company does not require shareholders to take any action at this time. Voting on any scheme of arrangement would only occur if Macquarie submits a binding proposal. The latest QUB market update keeps investors informed about timing.
The exclusivity period provides Macquarie with time to complete its review. Key confirmation dates fell on 19 December 2025 and 16 January 2026. The latest confirmation shows Macquarie remains engaged. Another confirmation could come on 30 January 2026 if Macquarie seeks extra time.
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FAQ
Q1. What is the proposed takeover price for Qube Holdings shares?
Ans. Macquarie Asset Management has proposed to acquire all Qube Holdings shares at $5.20 per share in cash. This represents a 27.8% premium to the closing share price on 21 November 2025.
Q2. When will Qube shareholders vote on the Macquarie proposal?
Ans. No vote has been scheduled yet. Shareholders will only vote if Macquarie completes its due diligence and submits a binding proposal. The Company will announce any voting timeline once a binding agreement is reached.
Q3. Can other companies make competing offers for Qube Holdings?
Ans. The process deed restricts Qube from soliciting other offers during the exclusivity period. However, if an unsolicited superior proposal arrives, the Board can consider it after giving Macquarie a chance to match it.
Q4. What happens to Qube dividends during the takeover process?
Ans. Any dividends paid before the scheme completes will reduce the $5.20 offer price by the dividend amount. Qube has not yet decided whether to declare ordinary or special dividends.
