APA -4.73%: Hit today after they lobbed a superior $2.60 bid for AusNet Services (AST) trumping yesterdays $2.50 tilt from Brookfield. It’s all a bit complicated given APA first made a tilt at $2.32 ahead of the Brookfield offer however BF secured exclusivity with it’s higher price before APA had a chance to come back to the table. APA also went further saying they would need to raise $1.5bn in equity if they were successful however that relies on AST opening the books before 28th September. Not sure what to make of it really given APA was a stock we’re keen on to buy in our income portfolio as we flagged this AM. We’ll sit tight for now and see how it plays out.
MM is now neutral APA around $8.50
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