Chris Corrigan’s Qube has launched a raid on logistics company Asciano this afternoon, seeking to buy a 19.9% stake in the company to block the takeover bid by Brookfield.
UBS is driving the deal, which would be worth around $1.7 billion.
Multiple sources told Business Insider that Qube has already secured 10% of the Asciano register and is seeking up to 19.9%, which it would use to vote against the $8.9 billion Brookfield takeover.
The AFR reports UBS is offering $8.80 a share. Asciano closed at $7.56 today, with the price entirely flat for the trading session.
Competition authority the ACCC has expressed strong reservations about the offer from Brookfield because the merged entity would control over huge chunks Australia’s rail network. Farmers and commodities have expressed concern about the potential impact.