APA has made a submission to the Takeovers Panel after the company felt it was unfairly locked out of dealings due to AusNet’s exclusivity agreement with rival bidder Brookfield.
On 15 October, the Takeovers Panel made a declaration of unacceptable circumstances, lifting the no-talk restriction in the confidentiality deed between AusNet and Brookfield.
AusNet announced its intention to re-engage with APA on the same day in relation to its indicative, non-binding proposal to acquire all issued shares in AusNet for a hybrid payment worth $2.60 per share.
Suitor APA has returned due diligence to target AusNet.
Because the due diligence arrangements with APA are non-exclusive, AusNet is continuing to provide rival bidder Brookfield with due diligence access and engage with its conditional proposal of $2.50 per AusNet share.
“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,” the company secretary wrote in the statement.
There is no certainty that either Brookfield or APA will submit a binding proposal at this stage.
AusNet said it would continue to keep the market informed in accordance with its continuous disclosure obligations.
For more information visit the APA website.