APA announces recommended EPX offer

Company News

APA Group (ASX:APA) has announced a recommended, unconditional, all-cash, off-market takeover offer for Ethane Pipeline Income Fund by Australian Pipelines Limited, as responsible entity of Australian Pipeline Trust.  
 
APA currently owns 6.08 percent of EPX securities. The offer is for all the EPX securities that APA does not already own. Under the offer, EPX security holders will receive $1.88 cash per EPX security.
 
The independent directors of EPX have unanimously agreed to recommend APA’s offer in the absence of a superior offer and subject to an independent expert opining that the offer is fair and reasonable.
 
APA will fund the offer with a mix of existing cash reserves and debt facilities.
 
APA Group recorded a net profit of $99.545 million at 31 December 2015.