Brookfield Asset Management Inc. (NYSE: BAM) disclosed that it has finally reached an agreement with AusNet Services Ltd to acquire it for A$10.2 billion ($7.66 billion). AusNet Services Ltd confirmed that though it has accepted the takeover deal of Brookfield, still the that rival bidder APA Group was free to make a better counter-offer.
It has been disclosed that there is a condition in the agreement that the deal will end as soon a better offer appears. Brookfield's offer also has the support of Singapore Power Group and its 32.74% AusNet stake. After the binding agreement, AusNet revealed that it concluded APA's due diligence access.
Furthermore, the firm also disclosed that the gas pipeline operator was exploring at whether it could surge the cash component of its proposal after it spoke Brookfield may modify its own. AusNet released a statement and disclosed that APA did not suggest that it would be able to offer a full cash alternative or the value level at which any progress to its indicative proposal could be made.
Additionally, APA also released a statement and revealed that it still considered AusNet highly attractive but did not approve if a new offer is coming. AusNet opened its books to APA after a government panel in October requested a modification to a private agreement between it and Brookfield.