Hastings Diversified Utilities Fund (ASX:HDF) has released a target statement recommending that its shareholders agree to Pipeline Partners Australia’s takeover offer of $2.325 per share.
The energy infrastructure company says that the independent expert concludes that Pipeline Partners’ offer is fair and reasonable, in the absence of a superior proposal.
Independent directors have also considered the expectation that Hastings may trade at a price lower than the Pipeline Partners offer in the absence of current takeover activity.
Hastings is also currently being pursued APA Group (ASX:APA).
Hastings Diversified reported net loss of $29.9 million for its full year to December 31 , 2011.