Australian ports and rail giant Asciano Ltd (AIO.AX) formally dumped an A$8.9 billion (US$6.4 billion) buyout from Brookfield Asset Management Inc (BAMa.TO) after the Toronto-based firm failed to match a higher offer from local rival Qube Holdings Ltd (QUB.AX).
In a statement on Tuesday, Asciano said that after giving the Canadian alternative assets investor five days to match a A$9 billion rival approach from locally listed Qube, Brookfield did not front up with a better offer.
“The Brookfield bid will now be terminated,” the statement said, adding that Asciano has now signed binding sale documents with Qube.
Qube has made its offer to buy Sydney-based Asciano in partnership with Canada Pension Plan Investment Board, China Investment Corp and Global Infrastructure Management.
(Reporting by Byron Kaye; Editing by Leslie Adler)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of Asciano Ltd