Envestra rejects APA proposal

Group says all-scrip bid for scheme of arrangement undervalues shares.

Envestra Ltd has rejected an unsolicited proposal by APA Group Ltd for all of the issued capital it does not own, saying the bid did not acknowledge the full value of the company.

Last month Envestra formed an independent board to assess APA's all-scrip proposal for a scheme of arrangement.

The board also appointed financial, legal and tax advisers to aid in the assessment.


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