PE-Backed Co. Won't Match $1.5B Bid For Aussie Pipeline Biz

Law360, New York (August 20, 2012, 1:24 PM EDT) -- Private equity-backed gas distributor Pipeline Partners Australia Pty. Ltd. will not match the latest offer for Hastings Diversified Utilities Fund Inc., Pipeline said Monday, paving the way for rival APA Group to acquire the pipeline owner for up to $1.5 billion.

The two Australian gas distributors had been battling for control of HDF, the coveted pipeline operator managed by Hastings Funds Management Ltd., since May. APA announced Friday that it had increased its offer for HDF to a potential $1.45 billion, outstripping Pipeline's revised offer of...
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