Breakfast Deals: Elusive Envestra

APA Group may have to dial up the charm on its Envestra proposal, while Billabong's takeover offer hits a sour note as rival funds pipe up.

APA Group might have to dig a little deeper if it’s to win Envestra as a merger partner. Almost all signs point to a ‘no’ answer to the current $1.3 billion offer. Meanwhile, Billabong International’s lenders are none-too-pleased at being refused an opportunity to counter Altamont Capital Partners’ recapitalisation offer, but they have hardly been left with nothing. Also, Federation Centres has snapped up two more shopping centres.

APA Group, Envestra

It’s looking increasingly likely that gas pipeline operator APA Group will have to improve its $1.3 billion merger offer for Envestra if it’s to win over the target’s directors.

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