SYDNEY, May 7, 2007 (AFP): Greed and a bungled bluff were blamed Monday for the spectacular failure of a multi-billion dollar takeover bid for Qantas Airways, as the losing consortium considered making a fresh offer.
The private equity group Airline Partners Australia (APA) said it might try again after the country’s takeover regulator declared the original 11.1 billion dollar (9.2 billion US) bid dead.
“APA is exploring a number of alternatives including the possibility of making a renewed offer for Qantas at 5.45 dollars per share” — the same price as the original offer, the consortium said.

But confusion still surrounded what is believed to be the world’s largest ever private equity bid for an airline, with Qantas requesting that trading in its shares be suspended pending an announcement.
Qantas said securities regulators had requested the halt in trading because of the possibility that the deal may still be in play.
That was triggered by a claim by APA that a clause of its offer to acquire Qantas could mean that the deal may in fact have garnered the 50 percent support it needed ahead of Friday’s deadline.
Analysts and Australian media, meanwhile, blamed greed and brinkmanship by US hedge funds for the failure of the bid.
“Qantas takeover grounded by greed,” The Australian newspaper said in an editorial, with a front-page analysis headlined “Giant bluff goes badly wrong, no hedging it.”
The Sydney Morning Herald’s splash headline read: “Qantas farce: heads will roll,” suggesting Qantas chairwoman Margaret Jackson — a strong supporter of the bid — would face pressure to resign.
The APA offer initially collapsed late on Friday after it failed to garner more than 50 percent of shareholder acceptances by a 7:00 pm (0900 GMT) deadline.
A revival briefly looked possible after a major American investor, Heyman Investment Associates, suddenly pushed acceptances to 50.6 percent, just hours after the deadline had passed.
But those hopes were dashed on Sunday after the Takeovers Panel refused an appeal to count the late acceptances, a decision the panel upheld on appeal early Monday.
The Australian described the failure as “a complete world-class debacle.”
“This was all about the giant game of bluff played by international hedge funds for hundreds of millions of dollars in hard cash,” it said.
The hedge funds had reportedly bet on just enough stock being delivered to get the bid across the 50 percent barrier.
This would have triggered a two-week extension giving the consortium a chance to reach the minimum 70 percent acceptances it needed to succeed — and allowing the hedge funds to keep making money on trades.
As the deadline approached and the numbers didn’t add up, consortium leader Macquarie Bank called Heyman’s chief investment officer Jim Hoffman repeatedly, the Sydney Morning Herald said.
“It begged him to sell his shares. As the hours wore on, and the deadline drew closer, the bank became more hysterical.”
But Hoffman simply did not believe the bid would fail without his acceptance and suspected Macquarie was trying to get the 70 percent immediately, the newspaper said.
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