APA shares at record on CKI takeover bid

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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