Deals
Asciano Abandons Brookfield as Qube Bid Accepted by Board
- Australian target to pay Brookfield an A$88 million break fee
- Brookfield missed five-day window to submit superior offer
This article is for subscribers only.
Asciano Ltd., the Australian port and rail operator at the center of a bidding war, switched allegiance to a proposal by Qube Holdings Ltd. and other investors that values the company at A$8.8 billion ($6.3 billion).
Melbourne-based Asciano said Canada’s Brookfield Asset Management Inc. had failed to submit a proposal beating the Qube group’s cash-and-stock offer of A$9.025 a share. Brookfield, whose bid was previously favored by Asciano’s board, will receive a break fee of A$88 million.