Spark Infrastructure (ASX:SKI)
received a revised proposal from Ontario Teachers' Pension Plan board, of the back of a non-binding indiciative proposal to acquire 100 per cent of ordinary stapled securities in Spark Infrastructure by way of scheme.
Ontario is a organisation responsible for administering defined-benefit pensions for school teachers in Ontario, Canada.
The Australian investment fund has confirmed a revised proposal from the consortium for an all cash consideration of $2.95 per stapled security, to be reduced to the extent that Spark pays or declares a distribution to its security holders prior to the implementation.
The proposal included an initial price of $2.6375 per stapled security. The consortium has provided the further revised proposal following the provision of limited information on Sparks business.
The board of Spark Infrastructure considers that its in the interests of Sparks security holders to engage further with the Consortium. Spark Infrastructure has decided to provide the consortium with the opportunity to conduct due diligence on a non-exclusive basis.
Shares in Spark Infrastructure (ASX:SKI)
are trading 5.2 per cent higher at $2.74.