APA (ASX:APA) sets up a bidding war for AusNet

Company News

by Lauren Evans

Energy infrastructure business APA (ASX:APA) have launched a non-binding offer to AusNet a day after they opened their books to Brookfield who proposed a $9.6 billion take-over bid.

APA proposed to acquire all shares in AusNet for $2.60 per share marking its second offer made. Meanwhile the global infrastructure investor yesterday made a non-binding offer to the energy giant at $2.50 per share, marking its third offer. 

APA told the ASX that the proposal would bring together two high quality businesses and create a listed flagship Australian group with the scale and capability to accelerate the $20 billion growth in electricity transmission infrastructure needed to support the decarbonisation of Australia’s economy.

AusNet is yet to make a final decision and to grant due diligence to APA Group.

Shares in APA Group (ASX:APA) are trading 4.5 per cent lower at $8.49. 

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