Australia's Asciano receives $6.3 billion takeover offer from Qube

Mon Nov 9, 2015 5:31pm EST
 
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(Reuters) - Australian port and rail firm Asciano Ltd AIO.AX said on Tuesday it had received a takeover proposal from a consortium led by Qube Holdings QUB.AX, challenging a rival offer from Canada's Brookfield Asset Management (BAMa.TO: Quote).

The 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 company at A$9.02 billion ($6.35 billion). Brookfield's bid was at A$9.22 a share.

Asciano said its board was considering the proposal. It also said it would continue to unanimously recommend the Brookfield proposal announced on Monday.

($1 = 1.4196 Australian dollars)

(Reporting by Swati Pandey; editing by Grant McCool)

 
Brookfield Asset Management CEO Bruce Flatt looks on at their annual general meeting for shareholders in Toronto, May 7, 2014.  REUTERS/Mark Blinch