Qube group offers A$9B in Asciano bid, counters Brookfield consortium proposal
January 29, 2016
Australian rail freight and port operator Asciano (ASX: AIO) has received a roughly A$9 billion ($6.3 billion) offer to sell 100% of the company’s issued capital to a consortium including competing logistics company Qube, Global Infrastructure Partners, Canada Pension Plan Investment Board and CIC Capital. The group is offering A$6.97 in cash and one Qube share per Asciano share, an implied value of A$9.17 per Asciano share based on Qube’s volume weighted average price in the 30 trading days leading up to January 25, and A$9.08 a share based on Qube’s closing price on January 25. The proposal counters a bid announced last August from a separate consortium led by Brookfield Infrastructure Partners. The Asciano Board said it is considering the Qube consortium proposal, but as of Thursday continues to unanimously recommend the Brookfield bid.