Brookfield Infrastructure Says Indicative Proposal For Asciano Is Non-binding

(RTTNews) - Brookfield Infrastructure (BIP) late Tuesday said it has been advised of the announcement made by Australian transport company Asciano Limited (AIO.AX), disclosing its receipt of a proposal by and on behalf of Brookfield Infrastructure and its institutional partners.

Brookfield Infrastructure noted that the indicative proposal is non-binding and conditional and that exclusive discussions with Asciano in furtherance of a potential transaction are ongoing.

There can be no assurance that a transaction will be completed or of the final terms thereof, Brookfield Infrastructure added.

Earlier in the day, Asciano confirmed that on June 26, it received a confidential, indicative, non-binding and conditional proposal from Canada's Brookfield Infrastructure to acquire Asciano at as implied value of A$9.05 per share in cash and scrip.

Asciano concluded that it was in the interests of its shareholders to engage further with Brookfield Infrastructure on an exclusive basis to progress the proposal.

Asciano surged around 19 percent on the ASX at A$7.91. BIP closed up 0.3 percent at $44.63 on the NYSE.