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.

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