Backed by a consortium of global investment groups, logistics group Qube Holdings has made a formal US$9 billion offer for the acquisition of Australian port and rail giant Asciano, according to the Sydney Morning Herald.
The news is anticipated to add pressure to a previous $8.8 billion bid submitted by Brookfield Infrastructure. Brookfield now has five days to match Qube’s offer.
Maurice James, Managing Director of Qube, said: “We believe [our offer] reflects superior value to Asciano shareholders.”
Mr James added that, as well as providing higher value, Qube’s offer will also allow Asciano investors to benefit from franked dividends.
Mr James said: “The structure is designed to be clean.”
It was previously reported by PTI that Canadian investment firm Canada Pension Plan Investment Board (CPPIB) bought a 19.99% stake in Asciano, signalling the start of a bidding war between it and Brookfield Infrastructure.
Asciano has stated that it will be updating investors shortly and is considering the proposal.