Qube delays court hearing for takeover

• Qube has postponed its second court hearing for its $11.7 billion acquisition to July 7.
• The logistics operator's share price dropped 0.39% following the announcement.
• Management delayed the timetable to secure outstanding international and domestic regulatory approvals.

Qube (ASX:QUB) has deferred the second court hearing for its proposed $11.7 billion takeover by a Macquarie Asset Management led consortium to July 7 as it awaits multiple regulatory clearances.

The ports and logistics group chose to push back the legal proceedings because approvals remain outstanding from the Australian Competition and Consumer Commission, the Foreign Investment Review Board, and the New Zealand Overseas Investment Office.

The company stated that the delay will allow more time for the remaining transaction conditions to be satisfied or waived, shifting the targeted scheme implementation date to Aug. 14.

Following the announcement, the Qube share price was down at $5.07.

The board of directors stated that it continues to unanimously recommend that shareholders vote in favour of the buyout transaction.

The company also reiterated its intention to pay a fully franked special dividend of 34.65 cents per share to investors if the acquisition scheme becomes effective.