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 SYDNEY, Australia (AP) - A key stakeholder in Qantas Airways said Friday it would not accept a 11.1 billion Australian dollar ($8.9 billion) bid for the airline, throwing into doubt one of Australia's biggest proposed takeovers.
Airline Partners Australia, the investment group making the bid, immediately announced it was extending the deadline for shareholders to accept their A$5.45-a-share offer by two weeks to April 20 and was considering its options.
Balanced Equity Management, an institutional fund which owns about 4 percent of Qantas, said Friday would not accept the bid led by Australia's Macquarie Bank and the Texas Pacific Group at the current price.
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