Qantas suitor Airline Partners Australia could move as early as this week to try to neutralise opposition to its AU$11 billion takeover bid, perhaps by cutting the minimum acceptance level from 90 per cent to 80 per cent.

Over the weekend, APA was in discussions with its bankers on potentially recasting the debt deal to allow a lower acceptance level.

But the problem for its bankers is that a lower acceptance level wouldn't guarantee APA taking full control of the airline, putting in doubt key cost savings.

APA had been forced to reassess its strategy after 4 per cent shareholder Balanced Equity Management last month said it wouldn't accept the bid, raising the prospect of a group of funds blocking the takeover.

There is speculation that UBS Global Asset Management with 6 per cent could join with Balanced Equity to block the deal.

APA so far has acceptances for just over 30 per cent of Qantas, with its bid set to close on April 20 unless extended. While APA must notify the market of an extension by April 13, it is keen to maintain momentum and could make an announcement on an extension this week, before the Easter break.

On March 30, Qantas shares remained at a significant discount to the AU$5.45 offer, ending up 6c at AU$5.25, representing uncertainty over the deal.

APA is now facing rising pressure from hedge funds to cut its minimum acceptance level, which would allow the bid to go through and so allow the hedge funds to cash out at a profit. Hedge funds now control about 40 per cent of the stock.

APA last week was focusing on lobbying fund managers with long-term holdings to accept the bid, arguing that Qantas faced mounting competitive pressures at home that could cloud its long-term earnings outlook.