Friday, March 29, 2024
HomemarketsQube battles Brookfield with $6.3B Asciano bid

Qube battles Brookfield with $6.3B Asciano bid

Australian port and rail firm Asciano said on Tuesday it had received a takeover proposal from a consortium led by , challenging a rival offer from Canada's Brookfield Asset Management.

The cash and scrip offer from Qube, along with partners Global Infrastructure Partners and Canada Pension Plan Investment Board, implied a value of A$9.25 per Asciano share, a 5.9 percent premium to Monday's close, and valuing the target at A$9.02 billion ($6.35 billion).

Asciano said its board was considering the proposal. It also said it would continue to unanimously recommend Brookfield's A$9.22 a share cash-and-scrip bid formally announced on Monday "in the absence of any superior proposal capable of acceptance."

Qube already owns one-fifth of Asciano shares after late night raid last month and has vowed to oppose the Brookfield takeover. Brookfield responded by buying its own near 20 percent stake last week.

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