Qantas bid group says takeover bid has lapsed

Sydney, May 8: The buyout group bidding for Australia's Qantas Airways Ltd. on Tuesday declared its A billion ( billion) offer as lapsed after deciding not to pursue a legal case to keep the takeover alive.

''APA believes that Qantas shareholders need more certainty and, accordingly, it has determined that its bid should be treated as having lapsed on May 4, 2007,'' the bid group, Airline Partners Australia (APA), said in a statement e-mailed to Reuters.

APA, which includes Macquarie Bank Ltd. and private equity firm Texas Pacific Group [TPG.UL], said it would not pursue a legal case over a clause in its offer which it claimed would have pushed shareholder acceptances above 50 percent by Friday's deadline.

Reuters
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