AusNet (ASX:AST) receives revised take-over bid

Company News

by Lauren Evans

Global infrastructure investor Brookfield has made a revised non-binding offer to buy all shares in AusNet (ASX:AST) at $2.50 per share. 

The energy giant notes that Brookfield's offer represents a 26 per cent premium to AusNet's closing price of $1.98 on Friday. The offer will be reduced to the extent that AusNet pays or declares a dividend to its shareholders prior to the implementation of the proposed transaction.

The revised proposal was made on behalf of an infrastructure fund that Brookfield manages, and follows two previous conditional proposals. The first was on 30 August for $2.35 per share, and the subsequent offer was $2.45 per share.

AusNet has decided to provide Brookfield the opportunity to conduct due diligence on an exclusive basis to enable it to put forward a binding offer.

The revised proposal is subject to several conditions, including due diligence, FIRB approval, unanimous support and recommendation by the Board of AusNet, and execution of a scheme implementation deed.

Shares in AusNet (ASX:AST) are trading 17.9 per cent higher at $2.34. 

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