$1.5B Bid Intensifies Battle For Aussie Pipeline Co.

Law360, New York (August 17, 2012, 4:45 PM EDT) -- Australian pipeline giant APA Group on Friday ratcheted up the pressure on private equity-backed rival Pipeline Partners Australia Pty. Ltd., boosting its bid for Hastings Diversified Utilities Fund Inc. to a potential AU$1.39 billion (US$1.45 billion) and pushing the target company to issue an ultimatum to PPA.

HDF, the coveted pipeline operator currently managed by Hastings Funds Management Ltd., notified PPA — which it had been backing since May — that APA's decision to raise the cash component of its bid made the offer superior to...
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