Australia's Asciano says to let Qube conduct due diligence after takeover approach

Sun Nov 15, 2015 10:47pm EST
 
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SYDNEY Nov 16 (Reuters) - Australian rail and ports giant Asciano Ltd said it allow rival Qube Holdings Ltd to conduct due diligence after making an informal $6.3 billion takeover offer, in a potential blow to suitor Brookfield Asset Management Inc.

In a statement, Asciano said its board has "decided to grant the Qube Consortium access to confirmatory due diligence, subject to the agreement of appropriate confidentiality arrangements".

Qube, led by Chris Corrigan who ran Asciano's port unit for 16 years, last week made an informal cash and scrip offer worth A$9.25 per share, a day after Asciano endorsed a similar bid from Brookfield.

(Reporting by Byron Kaye; Editing by Miral Fahmy)