AGL strikes takeover deal for APG

Target's board recommends the offer, which values the company at $158m, would see AGL increase its holding by up to 57%.

AGL Energy Ltd has made an off-market bid for control of upstart energy retailer Australian Power & Gas Company Ltd, striking a deal with its rival's board to increase its holding in the group by 57%, valuing the target at $158 million. 

APG's board has entered a bid implementation agreement with AGL, which would see the suitor pay 52 cents per share for a 19.9% stake in the company from APG's three major shareholders, Nippon Gas, The Cobra Group and The Poole Interests.

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