APA Group (ASX:APA)
has been given an extension on its superior proposal to the energy giant AusNet (ASX:AST)
following their non-binding takeover bid last week.
The news comes after the energy infrastructure business made an offer to acquire all shares in AusNet for $2.60 per share, a day after they opened their books to the global infrastructure investor Brookfield, who proposed a $9.6 billion take-over bid at $2.50 per share.
While Brookfield was granted due diligence at the time, APA were told by Ausnet their decision to grant due diligence may take weeks. This is when they called on the Australian Government Takeover Panel to discuss further matters and compete with its competitive suitor, Brookfield.
APA has announced that the deadline for AusNet to grant due diligence, will be extended for as a long as the panel application remains under review.
APA said they believe the partnership will accelerate growth in electricity transmission infrastructure needed to support the decarbonisation of Australia’s economy, with a combined enterprise value of $35 billion.
Shares in APA Group (ASX:APA)
are trading 0.1 per cent lower at $8.58. Shares in AusNet (ASX:AST)
are trading 0.4 per cent higher at $2.55.