Asciano recommends Qube offer

Company News

Asciano Limited (ASX:AIO) has entered into a bid implementation deed with the Qube consortium and agreements for the sale of the Ports and BAPS Business. 
 
Asciano’s board of directors has unanimously recommended that Asciano shareholders accept the Qube consortium’s proposed transaction.
 
As such, the board has also withdrawn its recommendation of the Brookfield proposal to acquire Asciano by way of a takeover offer or scheme of arrangement.
 
The recommendation of Qube’s offer remains subject to Asciano not receiving a superior proposal.
 
Asciano reported a net profit of $360.8 million at 30 June 2015.