So good news by the looks.

https://www.copyright link/companies/energy/brookfield-fails-in-complaint-on-rival-s-bid-for-ausnet-20211008-p58yij

Brookfield fails in complaint on rival’s bid for AusNet

Angela Macdonald-SmithSenior resources writer

Oct 8, 2021 – 5.51pm

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The $17 billion bidding war for electricity transmitter AusNet Services has taken a turn that favours pipeline owner APA Group, after the Takeovers Panel rejected a complaint by Brookfield against its rival’s offer.

The Takeovers Panel on Friday said it had declined to conduct proceedings on the appeal by the Canadian infrastructure giant, which wanted the regulator to declare “unacceptable circumstances” in relation to statements made by APA about its bid.

But the panel, including Yasmin Allen, Michael Borsky and M&A banker Ron Malek, has decided to investigate an earlier appeal by APA, which is seeking to derail the eight weeks of exclusive due diligence that AusNet granted its heavyweight Canadian suitor.

Takeover target AusNet owns Victoria’s high-voltage transmission grid. Bloomberg

That leaves the door open for APA to gain earlier access to AusNet’s accounts to potentially firm up its own cash and scrip bid for the owner of Victoria’s power transmission grid as well as electricity and gas networks.

APA has claimed its bid is “superior” to Brookfield’s all-cash offer, giving the indicative value as $2.60 per share despite a subsequent slip in its share price, which cut the implied offer price.

Brookfield had taken exception to APA repeatedly saying its cash and scrip proposal value AusNet at $2.60 a security - when recent trading has it worth less - and “superior”. Sources said it also wanted APA Group to acknowledge regulatory risks associated with its offer, specifically as regards the competition regulator, rather than just emphasise the absence of any requirement for approval from the Foreign Investment Review Board.

But the Panel said on Friday there was “no reasonable prospect” that it would make a declaration of unacceptable circumstances in relation to APA’s statements and declined to take the matter further.

A decision from the Panel on APA’s complaint is expected before the eight weeks exclusive due diligence period runs out.

Shares in AusNet closed on Friday 1¢ higher at $2.50 after having surged from under $2 last month when the takeover tussle broke out.