PE-Backed Group Bids $1.25B For Aussie Pipeline Co.

Law360, New York (May 15, 2012, 7:42 PM EDT) -- The battle for Australian gas pipeline owner Hastings Diversified Utilities Fund Ltd. heated up Tuesday, when a private equity-backed investor group offered $1.25 billion in cash, one-upping an offer from rival pipeline owner APA Group.

Pipeline Partners Australia Pty. Ltd., which includes Canadian private equity fund manager Caisse de depot et placement du Quebec, is offering $2.35 per share for Hastings.

In response, APA extended through July its $1.1 billion cash-and-stock hostile offer, which has been slowed by regulatory concerns. Hastings shares jumped to $2.38 on...
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