Duet accepted by Energy Developments

Company News

Duet Group (ASX:DUE) will undergo a $1.67 billion equity raising to fund a $1.4 billion takeover bid for Energy Developments Limited (ASX:ENE).
 
The $8 per share cash offer price holds a 28 per cent premium to the 12 month weighted average price. Energy Developments closed at $7.72 on Friday. 
 
The board of Energy Developments has recommended the deal saying it recognises the attractive growth outlook and strong operational performance of the company. 
 
On completion the deal will be immediately cash flow accretive with Duet upping its FY 2016 distribution guidance to 18 cents per share. 
 
Duet Group reported a net loss of $11.1 million for the first half of the 2015 financial year. 

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