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AGL Energy Limited Announces Recommended Off-Market Takeover Offer For Australian Power and Gas Company Ltd

Sunday, 14 Jul 2013 08:03pm EDT 

AGL Energy Ltd announced that it has entered into agreements for the outright acquisition of 19.9% of the issued shares of Australian Power and Gas Company Ltd (APG), and that it intends to make an off-market takeover offer to acquire all of the issued shares of APG (APG Shares) that it does not currently have an interest in at $0.52 cash per share (the Offer). The 19.9% interest is to be acquired by AGL from each of APG's three largest shareholders – Nippon Gas (~5.2%), The Cobra Group (~5.2%) and the Poole Interests2 (~9.5%). These shareholders have also announced their intention to accept the Offer, by no later than the business day after the Offer becomes unconditional and in the absence of a superior proposal, in respect of their remaining APG Shares, which equate to a further 36.9% of APG Shares. An independent Board committee established by APG to evaluate the transaction has recommended that APG shareholders accept the offer, in the absence of a superior proposal and subject to the independent expert appointed by APG concluding that the Offer is reasonable. The acquisition will be 100% financed from cash reserves and existing debt facilities. The transaction is expected to complete by the end of October 2013. 

Company Quote

-0.04 -0.29%
21 Oct 2014