Qantas' Unexpected About-Face

In a move that shocked investors and analysts, the Australian icon accepted an $8.7 billion takeover bid

One of Australia's most celebrated brands may soon be falling into the hands of a bunch of private equity workout artists and investment bankers. Only about 24 hours after rejecting a takeover bid, Qantas Airways (QUBSF) stunned market watchers and ordinary Australians by reversing course and accepting a sweetened $8.7 billion buyout offer from an investor group led by U.S. private equity outfit Texas Pacific Group and Macquarie Bank, a Sydney-based investment bank and the world's biggest private company manager of infrastructure projects.

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