Envestra shares jump 20 pct after HK's CKI outdoes rival with takeover bid
SYDNEY May 9 (Reuters) - Shares in Australia's Envestra jumped 20 percent to an all-time high after it received an off-market takeover proposal from a consortium including Hong Kong's Cheung Kong Industrial Group.
The A$1.32 a share offer trumps an earlier offer from Australian Pipeline Ltd (APA), which aready owns a third of Envestra, and values the entire company at A$2.37 billion ($2.21 billion).
Envestra was up 18.6 percent at A$1.34 by 0013 GMT. (Reporting by Thuy Ong; Editing by Edwina Gibbs)
- French warplanes search Mali desert for crashed Air Algerie plane
- At least 15 die in Israeli shelling of Gaza school as toll exceeds 750 |
- Exclusive: Ukraine rebel commander acknowledges fighters had BUK missile
- Sierra Leone's chief Ebola doctor contracts the virus
- Minnesota man asked to leave Southwest flight after critical tweet