APA Accepts Unchanged CKI Bid; But FIRB Might Not Be So Willing
Narrow-moat APA Group agreed to a formal, binding takeover offer from Cheung Kong Infrastructure, in line with its indicative offer from June of AUD 11 per security in cash. APA Group directors unanimously recommend the offer, and the independent expert, Grant Samuel, is bound to recommend it as well. The main risk to the deal falling over, and it is a major risk, remains objection from the Foreign Investment Review Board, or FIRB. We continue to rate this a 50% chance. Should the takeover succe...APA Group's principal activities are the ownership and operation of energy infrastructure assets and businesses, including energy infrastructure, primarily gas transmission businesses located across Australia; asset management and operations services for the majority of Co.'s energy investments and for third parties; and energy investments in listed and unlisted entities. Co. comprises the following reportable segments: Energy Infrastructure, Asset Management, and Energy Investments.
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