Australia’s AusNet Services Ltd said on Monday it had opened its books to a Brookfield Asset Management affiliate after the energy infrastructure firm received a higher A$9.57 billion ($6.95 billion) indicative, non-binding buyout proposal.
AusNet revealed that the revised bid came after it had rejected two unannounced previous bids from the Brookfield affiliate last month which valued it at up to A$9.38 billion.
The revised A$2.50 per share offer – a 26.3% premium to AusNet’s last close – was up from proposals of A$2.35 and A$2.45 tabled earlier.
AusNet said it had agreed to grant Brookfield access to its books and to conduct due diligence on an exclusive basis.
“Should Brookfield make a binding offer at A$2.50 per share then … it is AusNet board’s current intention to unanimously recommend that shareholders vote in favour of the proposal in the absence of a superior proposal,” it said in a statement.