News: QUB Asciano recommends Qube consortium proposal

Feb 16 (Reuters) - Asciano Ltd (AIO) :

• Asciano recommends Qube consortium proposal (AIO)
• Says the Brookfield bid will now be terminated
• Says Brookfield infrastructure did not submit a matching or superior proposal within this period
• Says Asciano will also apply to the court for orders to cancel the scheme meeting in respect of the Brookfield offer
• Says recommends that Asciano shareholders accept takeover offer to be made under Qube consortium proposal in respect of all of their Asciano shares
• Asciano has now signed binding transaction documentation with Qube consortium including implementation deed in relation to takeover offer
• As a result of change in recommendation in favour of the Qube consortium proposal, a break fee of A$88 million will be paid to Brookfield infrastructure
• Under the Qube consortium proposal, Qube will acquire 100% of ports for an enterprise value of A$2.65 billion
• Baps will be sold to an entity to be established and owned initially by GIP, CPPIB and CIC capital for an enterprise value of A$850 million