The biggest takeover bid in Australian corporate history will fail unless a rush of Quantas shareholders accept a private equity bid for the airline, before it closes tomorrow.
Airline Partners Australia (APA) said shareholder acceptances for its A$11.1 billion ($9.2 billion) bid had reached 32.92% by close of business last night, up from 25.94% on Tuesday.
But acceptances must reach at least 50% before 9.00am on Friday to prevent APA's takeover bid from lapsing.
It will be automatically extended by two weeks if the consortium, which is led by Australia's biggest investment bank, Macquarie, can reach the 50% level before the 9.00am deadline tomorrow.
APA has warned investors the Qantas share price will plummet if the bid lapses and has lowered its minimum share acceptance level from 90% to 70%.
Macquarie, together with US private equity group Texas Pacific, launched its A$5.45-per-share offer for Qantas late last year.
Australia's government has said it will not block the proposed takeover of the country's flagship airline.
