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Bidding war starts as AusNet receives $10bn offer
InvestorDaily
AusNet has found itself in the middle of a bidding war following the receipt of a new buyout offer from APA Group worth $2.6 per share, a substantial increase on Monday’s $2.5 offer made by Brookfield. APA’s non-binding indicative proposal comes to approximately $10 billion in value, with the $2.6 price per share representing a 31 per cent premium to the undisturbed closing price of AusNet shares of $1.98 on 17 September. Just a day earlier, AusNet informed its investors that it would be opening its books to Brookfield and recommending its shareholders vote in favour of the proposal.
Much like Brookfield, APA had previously approached AusNet, with an offer of $2.32 per share, with notice given to AusNet on 16 September that a revised proposal was in the works. Unsurprisingly, APA is not pleased with AusNet’s announcement on Monday. “APA is disappointed that AusNet has purported to enter into a period of exclusivity with Brookfield for effectively eight weeks, notwithstanding AusNet’s knowledge of the pending revised, and potentially superior proposal, from APA,” the company said in a filing to the ASX.
The rest of this article can be found at investordaily.com.au.
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