MarketWatch reports that Australian flag carrier Qantas has agreed to the proposed private A$11 billion ($8.65 billion) takeover offer it recently received.

The deal is led by an investor group that includes the Macquarie Bank and the Texas Pacific Group.

MarketWatch cites a report in the Australian newspaper saying that Qantas agreed to the deal after it was sweetened by 10 cents a share. Qantas’s non-executive directors earlier said a $5.50 per share cash bid by the consortium was not acceptable, citing the complex terms of the offer. According to the report the directors were not happy with the overall bid price but also with the $100 million break-up fee if the deal failed to go through. Most of the conditions have been changed to placate Qantas directors, the Australian said.