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APA shares at record on CKI takeover bid

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June 13, 2018

Chairman Michael Fraser says APA Group is well positioned to continue delivering strong results.

APA Group has opened its books to a Chinese consortium after the energy infrastructure operator received a $13 billion takeover proposal.

APA says it has granted due diligence to a consortium comprising CK Infrastructure Holdings, CK Asset Holdings, and Power Assets Holdings following a proposed cash offer of $11 per stapled security.

The consortium has proposed divesting several gas assets, but APA says the proposal - which offers a 33 per cent premium to Tuesday's closing price of $8.27 - is not conditional on those sales.

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