Envestra Limited’s (ASX:ENV) independent directors have backed the cash offer of $1.32 from the Cheung Kong consortium.
The natural gas distribution company received the offer at the beginning of this month that valued the company at $2.37 billion.
As part of the deal it was agreed that Envestra shareholders would receive a final dividend of up to $0.035 per share at the end of this financial year.
The company’s independent board committee unanimously recommends shareholders accept the offer.
Envestra reported a net profit of $87.1 million in the first half of the 2014 financial year.