China Gas Calls $2B Takeover Bid 'Opportunistic'

Law360, New York (December 14, 2011, 5:28 PM EST) -- China Gas Holdings Ltd. on Wednesday said a $2.15 billion takeover bid from ENN Energy Holdings Ltd. and China Petroleum & Chemical Corp. was unsolicited and opportunistic, and fails to reflect the value of the natural gas services company.

China Gas said its board of directors has established an independent board committee to consider the offer and appointed Macquarie Group as its financial adviser on the matter.

"The unsolicited possible preconditional offer may or may not proceed. Shareholders, holders of share options and potential investors of...
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