Envestra downgraded to Sell

Originally pegged at $1.10 per share, APA has increased its offer to acquire Envestra to $1.17 per share. Envestra shareholders can accept APA shares or a mixture of shares and cash, although APA will limit cash paid out to $241m. In addition, shareholders will collect 3.2 cents per share in dividends from Envestra and a further 3.2 cents from APA, taking the total worth of the bid close to today’s share price of $1.23. APA’s bid is highly likely to succeed. It has been accepted by the board of Envestra and, with APA owning a 34% stake in the company...

Originally pegged at $1.10 per share, APA has increased its offer to acquire Envestra to $1.17 per share. Envestra shareholders can accept APA shares or a mixture of shares and cash, although APA will limit cash paid out to $241m. In addition, shareholders will collect 3.2 cents per share in dividends from Envestra and a further 3.2 cents from APA, taking the total worth of the bid close to today’s share price of $1.23.

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