 Airline Partners Australia initially announced that it had failed in its bid for Qantas, having gained approval from only 46.5% of the company, when the offer closed at 7.00pm (Sydney Time) on Friday 4 May 2007.Later that evening, however, APA received an acceptance from an additional 4.96% of Qantas shares, held by a Samuel J. Heyman's hedge fund.This acceptance that would have taken the acceptance level above 50% and therefore allowed the bid to succeed.