Envestra backs Cheung Kong bid

Board recommends $2.37bn takeover offer from Hong Kong conglomerate.

Gas distributor Envestra (ENV) has backed a $2.37 billion takeover bid from Hong Kong conglomerate Cheung Kong, saying the offer is attractive to shareholders.

The suitor, owned by Asia's richest man Li Ka-shing, lobbed a sweetened all-cash offer of $1.32 per share this month, which was a 17 per cent premium to Envestra's last trading price before the bid.

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