AusNet Services will open its books to APA Group after the Takeovers Panel ruled the electricity distribution company’s exclusive eight-week due diligence arrangement with its preferred suitor – Canada’s Brookfield – was “anti-competitive” and could give rise to “unacceptable” circumstances.

AusNet will provide parallel due diligence and will be liable to pay $5 million dollars to the heavyweight Canadian investor for breaking the exclusive due diligence clause.