The Canada Pension Plan Investment Board (CPPIB) and Brookfield Infrastructure Partners are in competition to acquire Australian logistics and transport company Asciano.

The company announced Thursday that it had received a proposal from Qube Holdings Ltd., Global Infrastructure Partners, CPPIB and CIC Capital Corporation to acquire 100% of the issued capital of the company.

Read: CPPIB invests in South Korea, Germany

According to a news release from Asciano, the offer comprises A$6.97 cash and one Qube share per Asciano share, which has an implied value of A$9.17 per Asciano share based on Qube’s volume weighted average price for the 30 trading days to Jan. 25, 2016 of A$2.20, and A$9.08 per Asciano share based on Qube’s closing price of A$2.11 on Jan. 25, 2016.

“The proposed transaction represents superior value to the conditional scheme of arrangement and conditional takeover offer by Brookfield Infrastructure Partners, currently valued at A$8.77 per Asciano share,” the company said in a statement.

While the Asciano board is considering the new proposal, it said it continues to unanimously recommend the Brookfield proposal, which was announced on Nov. 9, 2015.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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