Logistics giant Qube offers big premium in $53m Chalmers takeover play
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$4.8b behemoth Qube (ASX:QUB) has made an off-market offer for Brisbane transport and logistics play Chalmers (ASX:CHR) at a 49 per cent premium to the small cap’s last closing share price.
The offer values Chalmers at $53m or $7 per share – a massive 72 per cent premium to the 6-month volume weighted average price of $4.08.
The Chalmers board has unanimously endorsed the offer.
“The proposal to purchase all of the shares in Chalmers under the offer is clearly compelling and represents a significant premium to the recent share price performance,” says Chalmers chairman Graham Mulligan.
“The offer provides an opportunity for Chalmers shareholders to receive value for their shareholding and participate in the future growth of Chalmers as part of the Qube business.”
Qube says Chalmers operations and “strategically located” property assets are complementary to those of Qube Logistics.
It’s the second potential acquisition in as many months for Qube, which shelled out $135m for Queensland-based mining and industrial services company LCR in May.
Qube says LCR will provide “additional geographical diversity and service capability”.