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

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 attempt. Meanwhile the global infrastructure investor yesterday made a non-binding offer to the energy giant at $2.50 per share, marking its third attempt. 

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 also grant due diligence to APA. 

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