APA gets look in at AusNet for $9.96 billion takeover offer

APA gets look in at AusNet for $9.96 billion takeover offer

AusNet Services (ASX: AST) has today granted due diligence access to APA Group as part of the latter’s $9.96 billion bid to acquire the Melbourne-based energy company.

AusNet has opened its books is the latest in a bidding war for control of the company, which also saw Canada-based Brookfield Asset Management lodge a $9.57 billion acquisition bid the day before APA Group in September.

AusNet says the due diligence arrangements with APA are non-exclusive, and it is continuing to provide Brookfield with due diligence access and will engage with the asset management company on its offer which is $383 million less than APA Group’s.

“The AusNet Board is committed to continuing to act in the best interests of all shareholders by facilitating competitive tension and working towards securing a binding proposal for shareholders to consider,” AusNet said.

“The AusNet board notes that there is no certainty that either Brookfield or APA will submit a binding proposal.”

Shares in AST are down 0.80 per cent to $2.49 per share at 10.40am AEDT.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Does your pay structure answer today's challenges?
Partner Content
If you are not reassessing how your organisation remunerates and rewards employees as a...
Aon
Advertisement

Related Stories

Adairs beds down $80m deal for Focus on Furniture group

Adairs beds down $80m deal for Focus on Furniture group

Homewares and furnishings retailer Adairs (ASX: ADH) has stepped up...

GURNER, Qualitas raise $1.2 billion for rent-to-build platform

GURNER, Qualitas raise $1.2 billion for rent-to-build platform

Developer GURNER and alternative real estate investment manager Qua...

Australian Retailers Association raises alarm over customer aggression in Victoria

Australian Retailers Association raises alarm over customer aggression in Victoria

Australian Retailers Association (ARA) chief executive officer Paul...

Webjet buys Trip Ninja as bookings rebound on travel sector recovery

Webjet buys Trip Ninja as bookings rebound on travel sector recovery

Webjet (ASX: WEB) has today announced the acquisition of Canadian t...