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. APA appealed to the Australian Takeovers Panel in an attempt to have that acceptance included. However, on Sunday 6 May 2007, the Takeovers Panel ruled that Airline Partners Australia did not have the minimum holding required at 7.00pm, Friday 4 May, as stipulated in the bid. They also saw no sufficient basis to re-open the bid.