Australian gas grid operator APA Group has upped its hostile takeover bid for rival Hastings Diversified Utilities Fund (HDF) by 25% in an effort to top HDF’s preferred offer from the consortium Pipeline Partners Australia (PPA).
APA, which has its sights set on HDF’s strategically located pipeline operator Epic Energy, announced on Wednesday that it had raised its offer to approximately A$2.525 ($2.592) per stapled HDF security – up to A$1.33 billion from the previous sum of around A$1.12 billion.
The announcement follows the Australian Competition and...
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