APA Group to take over EPX
JOHANNESBURG (miningweekly.com) – ASX-listed gas infrastructure firm APA Group on Monday announced a recommended unconditional, all-cash, off-market takeover offer for Ethane Pipeline Income Fund (EPX).
APA currently owns 6.08% of EPX, which is the investment vehicle that owns the Moomba to Sydney ethane pipeline
Under the terms of the offer, EPX security holders would receive A$1.88 cash for each EPX security and a 3.25 a share declared distribution for the March 2016 quarter.
The offer price and the March 2016 distribution represented a premium of 30.1% to the last closing price of EPX securities on March 4 of A$1.47.
The offer price implied a total equity value of about A$130.3-million for EPX. APA would fund the offer with a mix of existing cash reserves and debt facilities.
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