An independent expert can't say yet which of the two takeover proposals for rail and ports operator Asciano is better.
Asciano is currently subject to a formal $9 billion takeover offer from a consortium led by Canadian infrastructure giant Brookfield, which the Asciano board has recommended that its shareholders accept.
Also, a consortium led by Chris Corrigan's Qube has made an indicative proposal to acquire Asciano but is yet to make a formal offer. Qube is currently conducting due diligence on Asciano.
The implied value of the Brookfield offer of $8.96 and Qube's proposed offer of $9.25 both have cash and scrip components.
Independent expert Grant Samuel says the Brookfield offer for Asciano is fair and reasonable but says the Qube proposal complicates matters for Asciano shareholders.
Mr Samuel said in his report in Asciano's target statement, which was released on Friday, that Qube's proposal is preliminary in nature and not capable of acceptance.
But if the indicative offer becomes a formal offer, the value of Qube's proposed $9.25 was very close in value to the Brookfield offer, depending on day-to-day movements in share prices and exchange rates.
"The key issues for Asciano shareholders will be the likelihood of success of either proposal and the relative merits of scrip in Brookfield Infrastructure and Qube," he said.
"At this stage, there is insufficient information available to make a meaningful comparison between the two proposals."
Asciano chairman Malcolm Broomhead said that at the date of the target's statement, no offer had emerged that the Asciano board considered to be superior to the Brookfield proposal.
"There is no certainty that the Qube consortium will make any binding proposal or that if it does it would be considered a superior proposal," Mr Broomhead said.
But it was possible that the Qube Consortium may make a superior proposal.
A takeover of Asciano by Brookfield is subject to approval by the competition watchdog, which has expressed concern that a successful takeover by Brookfield could lead to reduced competition in rail haulage services in Western Australia and Queensland.
The Australian Competition and Consumer Commission (ACCC) will announce its final decision on the proposed acquisition by Brookfield after a review, on December 17.
Asciano says it will continue to work with Brookfield to address any concerns, ahead of the ACCC's expected announcement date.
Brookfield has acquired a relevant interest in 19.33 per cent of Asciano shares.
The Qube consortium has a 19.99 per cent stake in Asciano.
Shares in Asciano were two cents lower at $8.62 at 1303 AEDT.
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