Law360 (May 8, 2007, 12:00 AM EDT) -- In a surprising about-face, the group that had planned to take over Qantas Airways of Australia has backed off the $8.6 billion deal, after declining to pursue legal action aimed at keeping the bid alive.
On Tuesday, Airline Partners Australia revealed that its offer for the airline had lapsed in the wake of the group’s refusal to press forward with a legal case over a certain clause in the deal.
Despite this setback, the group, which is comprised of several investors including Allco Equity Partners Ltd.,...
Qantas Takeover Deal Falls Apart
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