Hastings Diversified Utilities Fund
(ASX:HDF) has accepted APA Group's
(ASX:APA) takeover offer and has unanimously recommended its shareholders vote in favour of the bid which has now come in higher than Pipeline Partners Australia’s takeover offer which is due to expire at the end of the month.
Media reports suggest Pipeline Partners does not intend to match APA’s latest bid.
APA's renewed offer includes $0.80 in cash and 0.390 APA shares for each Hastings share, based on acquiring 90 per cent or more of the company.
Hastings Diversified reported net loss of $29.9 million in the 2011 financial year.
