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.
Get our daily business news
Sign up to our free email news updates.