PE-Backed Group Ups Offer To $1.3B For Aussie Pipeline Co.

Law360, New York (August 15, 2012, 7:54 PM EDT) -- Private equity-backed Pipeline Partners Australia Pty. Ltd. on Wednesday dug in against Australian pipeline giant APA Group in the tug-of-war over Hastings Diversified Utilities Fund Ltd., mounting an AU$1.29 billion (US$1.35 billion) all-cash offer that HDF touted as more stable than APA's bid.

The new proposal represents a 4.5 percent increase from PPA's previous AU$2.325-per-share bid, but still comes in under the AU$2.45 per share APA offered up last week, according to disclosures HDF made to the Australian Securities Exchange.

However, HDF directors continue to back...
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