Australian HDF directors push for APA’s revised offer

摘要

Sydney—The independent directors of Australian gas pipeline company Hastings Diversified Utilities Fund, or HDF, on August 21 unanimously recommended that security holders accept APA Group’s revised takeover offer for the company, in the absence of a superior proposal. APA’s offer is scaled according to how much control of HDF it gains and currently values HDF at around A$1.35 billion ($1.41 billion). APA improved its cash and scrip offer August 17 for HDF, trumping an A$2.43/security cash proposal from Pipeline Partners Australia.