The board of Asciano has declared the bid from the US$9.05 billion Cube-led consortium superior to the former bid proposed by Brookfield Infrastructure. 

Brookfield now needs to formalize a higher cash bid for the ports and rail group if they want to pursue the acquisition.

The higher bid recently came from Qube and its consortium partners Global Infrastructure Partners, the Canada Pension Plan Investment Board and the China Investment Corporation, which have increased their offer for Asciano offering US$7.04 in cash plus one Qube share for every Asciano share.

According to sources, Brookfield Infrastructure chief executive Sam Pollock has told Asciano chairman Malcolm Broomhead via letter that the group had been working on a revised proposal. Brookfield had previously offered a US$8,9 billion proposal.

In order to bring a higher offer, Brookfield wants to add additional members to its consortium, which already includes British Columbia Investment Management Corporation and Singapore sovereign wealth fund GIC.

Mr Pollock, said:

"We are working diligently to bring forward a revised transaction that is fully executable under the terms of the undertakings that we have filed with the Australian Competition and Consumer Commission. Our revised transaction will be on an all cash basis at a value of US$9.28 per share less any dividends declared by the board."

Asciano Limited is an Australian freight logistics company, operating in railway freight and shipping. Asciano was demerged from Toll Holdings in 2007, and owns Patrick Corporation and Pacific National as subsidiary companies. Asciano specialises in bulk and container shipping and transportation, with port and train operations across Australia. It has over 8,000 employees.