Comparative review

Often condemned as boring, operators of gas pipelines have seen more than their fair share of action lately. First Hastings Diversified was taken over; now an offer has been made for gas distributor Envestra. At the centre of both bids is APA Group, the largest pipeline operator in Australia. APA has offered 0.1678 APA securities for each Envestra security and a 3 cent dividend, which together values Envestra at $1.98bn, or $1.10 per security. The price is a 4% premium to Envestra’s pre-bid price and a 10% premium to the past month of trading. In takeover world, that’s not...

Often condemned as boring, operators of gas pipelines have seen more than their fair share of action lately. First Hastings Diversified was taken over; now an offer has been made for gas distributor Envestra. At the centre of both bids is APA Group, the largest pipeline operator in Australia. APA has offered 0.1678 APA securities for each Envestra security and a 3 cent dividend, which together values Envestra at $1.98bn, or $1.10 per security.

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