Despite a lack of unanimous support from independent directors, a sweetened takeover offer from gas pipeline operator APA has finally carried the day at gas utility Envestra, ending several months of wrangling.
The revised offer is equal to $1.17 a share, up from the initial bid of $1.10 a share. Envestra shares closed up 5c at $1.10.
The revised offer was supported by a majority of Envestra's independent directors, and it was "resolved by majority" to put the revised offer to shareholders.
The new offer of $1.17 can be taken in APA scrip or via a mix of cash and shares.
Sources close to APA indicated that without the support of key Chinese investor Cheung Kong Infrastructure the revised deal would have not proceeded. APA has a 33.06 per cent stake in Envestra, with Cheung Kong holding 17.5 per cent.