the proposal provided an attractive premium for Qantas shareholders, being 33 percent higher than the closing share price of $4.20 on 6 November 2006, the day before the first speculation about the offer; and 61 percent above Qantas' volume weighted average share price of $3.48 over the six months to that date.The bid was rejected by the shareholders and as a consequence shareholders expressed a loss of confidence in the Board, which had recommended the takeover.
Shares in Qantas are currently trading around the $1.50 mark.
