SYDNEY, Feb 20 A consortium led by Macquarie Bank Ltd. MBL.AX reiterated on Tuesd

SYDNEY, Feb 20 (Reuters) A consortium led by Macquarie Bank Ltd. reiterated on Tuesday its US$8.7 billion offer for Australia's Qantas Airways Ltd. was final, seeking to play down media reports some shareholders wanted a higher price.

''This means that the offer price cannot (as a matter of law) and will not be increased, in the absence of an alternative proposal,'' the bidding consortium, known as Airline Partners Australia, said in a statement.

''Any speculation to the contrary is inaccurate and misleading.'' The consortium, which also includes private equity firm Texas Pacific Group [TPG.UL], Allco Equity Partners , Allco Finance Group and Canadian investment firm Onex Corp.

, said on Feb. 2 its A$5.60 offer for Qantas would not be increased.

If an offer price is declared final it can not be increased by the bidder under Australian law unless there is a higher offer from a third party.

The Australian Financial Review newspaper said lawyers it had canvassed were divided over whether Australian regulators may be able to grant the consortium special dispensation to up the bid price.

It followed a report on Monday that fund manager UBS Global Asset Management, which owns more than 6 percent of Qantas, had complained that the bid undervalued the company.

UBS Global Asset Management has declined to comment on the report.

Qantas raised its profit forecast on Feb. 8 due to falling fuel costs and increased demand for travel.

Qantas shareholders have until March 9 to vote for the offer.

Australia's Foreign Investment Review Board (FIRB) is also reviewing the bid.

Qantas shares were trading 0.4 percent lower at A$5.19 at 0149 GMT.

($1=A$1.27) REUTERS CS KN1110