The Asciano board has unanimously recommended the Qube Consortium Proposal – which includes the The Canada Pension Plan Investment Board (CPPIB), Global Infrastructure Partners and CIC Capital Corporation – to its shareholders after Brookfield Infrastructure failed to submit a matching or superior proposal.
It was announced at the end of January that the Qube proposal was in competition with Brookfield Infrastructure Partners. But on February 8, the Australian logistics and transport company receive a revised proposal from the Qube Consortium to acquire 100% of the issued capital of the company.
Read: CPPIB and Brookfield compete to acquire Australian company
According to a statement from Asciano, the company issued a notice to Brookfield Infrastructure on February 8, providing it with a right to submit, within five business days, a matching or superior proposal.
The matching right period concluded at the end of Monday, February 15. Brookfield Infrastructure did not submit a matching or superior proposal within this period.