The consortium led by Macquarie Bank which is offering $8.7bn to buy Qantas Airways has made it clear that it will not raise its offer for the Australian flag carrier.

In a statement, the bidding consortium called Airline Partners Australia said: ‘This means that the offer price cannot (as a matter of law) and will not be increased, in the absence of an alternative proposal. Any speculation to the contrary is inaccurate and misleading.’
The consortium includes private equity firm Texas Pacific Group, Allco Equity Partners, Allco Finance Group and Canadian investment firm Onex.
Qantas shareholders have until March 9 to vote for the offer, although the Australian Foreign Investment Review Board (FIRB) is also studying whether the bid will be allowed to go ahead.