A consortium led by Hong Kong’s CK Infrastructure Holdings made an unsolicited Aus$13 billion (US$9.8 billion) bid for gas pipeline company APA Wednesday, with the Australian firm agreeing to open its books.
APA’s assets include gas transmission pipelines and storage, along with wind and solar farms across Australia. The firm’s website said its 15,000 kilometres (9,300 miles) of gas pipelines connect 1.3 million Australian homes and business.
The Aus$11 per share cash offer is a 33 percent premium to the company’s Aus$8.27 closing price on Tuesday, with chairman Michael Fraser saying it was in shareholders’ interests to engage further.
It agreed to allow the Hong Kong powerhouse to undertake due diligence. “The APA board will continue to evaluate the proposal and will update APA’s security holders and the market as appropriate,” Fraser said in a statement. Read More