AusNet received its first unsolicited, non-binding proposal from Brookfield on 20 September 2021, followed by an offer from APA of a hybrid payment equivalent to $2.60 per share.
Brookfield increased its all-cash offer by $0.15 per share, bringing the offer up to $2.65 for the ASX-listed company on 31 October.
This offer was posed after rival suitor APA Group broke open the eight-week exclusive due diligence AusNet awarded to Brookfield after taking the matter to the Takeovers Panel.
AusNet said that based on recent interactions with APA, the company had not indicated that it would be able to offer a full cash alternative or the value level at which any improvement to its proposal could be made.
“The AusNet Board of directors unanimously recommends that shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding in its report […] that the Scheme is in the best interests of AusNet shareholders,” AusNet announced on Monday 1 November.
Brookfield will now acquire all shares in AusNet for cash consideration by means of a scheme arrangement; however, the scheme is still subject to various conditions including approval by AusNet shareholders at a scheme meeting proposed for March 2022.
Click here to read the scheme implementation deed (SID).
For more information visit the AusNet website.