Australian logistics giant Qube makes bid for Chalmers

Integrated logistics provider Qube (ASX:QUB) issued its formal takeover to the shareholders of target logistics service provider, Chalmers (ASX:CHR) on Monday, July 8. Qube, which owns Australian marine container terminal operator Patrick, is offering one of two options. Chalmers shareholders can opt for 2.31 Qube shares for each Chalmers’ share (the ‘scrip’ option). As of the last trading date, the implied scrip option was A$7.00. Or, alternatively, they can instead accept A$6.50 cash for each Chalmers share. Directors at Chalmers noted that the scrip option puts a premium on Chalmer’s stock of between 49 percent to 72 percent depending on which time period the company’s share price is averaged over.