Envestra takeover bidding war

Company News

Natural gas distributor Envestra Limited (ASX:ENV) has received a $2.37 billion takeover bid from Li Ka-shing’s, Cheung Kong company.
 
The company already owns 17.5 per cent of Envestra and wants to buy the remainder for $1.32 per share.
 
The offer is a premium on Envestra’s last trading price of $1.13 and it trumps a recent $2 billion offer made by APA.
 
The takeover is conditional on approval from Australia’s Foreign Investment Review Board.
 
Envestra reported a net profit of $87.1 million in the 2014 financial year.