In December 2006 Airline Partners Australia, a consortium that included Allco Equity Partners and Macquarie Bank made a bid of $5.60 per share for Qantas. It was hard to believe then, and even harder now.
But for a hedge fund missing a deadline, the debt-laden airline may have folded when the GFC hit a year later. Instead, Qantas survived, only to endure a slow death under current management. Since our last review on 22 Feb 13 (Avoid - $1.66) its share price has fallen 33% to $1.12 and is down 80% since the APA bid.