APA increases offer for Hastings
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AAP
2012-08-09
The takeover battle for Hastings Diversified Utilities Fund (HDF) has stepped up with pipeline operator APA Group increasing its offer.
Hastings is subject to two takeover offers: a cash-and-scrip offer from APA and an all-cash offer from Pipeline Partners Australia (PPA).
APA's previous offer had an implied value of $2.00 per HDF security. On Thursday it increased it to $2.56.
"APA's offer is clearly superior to the Pipeline Partners Australia offer for HDF," APA chairman Len Bleasel said in a statement.
"It is now significantly higher, and is less conditional.
"We look forward to our improved offer being formally recommended by the independent directors of HDF."
PPA has offered $2.325 per HDF security.
Hastings Funds Management Ltd (HFML), the responsible entity for HDF, has already recommended that Hastings' securityholders accept the PPA offer in the absence of a superior bid.
PPA has two business days to match APA's improved offer, the rival said.
