APA Group receives takeover offer from CKI

Company News

by Anna Napoli

APA Group (ASX:APA) has today announced that it has received an unsolicited takeover offer from a consortium led by Hong Kong’s CKI Group.

The consortium is offering $11.00 cash per stapled security.

The australian pipelines company has granted due diligence to CKI in response to the offer.

APA’s board says based on the offer price, that it is in the best interests of APA’s Securityholders to engage further with CKI.

Securityholders have been advised not to take action at this time as the company further evaluates the proposal.

APA is currently in a trading halt and will resume trading at 11am. Shares in APA Group (ASX:APA) closed at $8.27 yesterday.