OPTrust, ICG Consortium Lob $322M Bid For Pacific Energy

Law360 (September 10, 2019, 3:08 PM EDT) -- Canadian pension fund OPTrust and Australia’s Infrastructure Capital Group on Tuesday lobbed a takeover offer of AU$470 million ($322.5 million) for Australia’s Pacific Energy, besting another offer already on the table.

OPTrust and Infrastructure Capital Group Ltd., an infrastructure fund manager, said they are looking to buy Pacific Energy Ltd. for AU$1.085 per share, which clocks in at an 11.3% premium to the offer made by QIC Private Capital Pty Ltd.’s QGIF Swan Bidco Pty Ltd.

QGIF’s bid for Pacific Energy, which was announced in late July, would see each Pacific Energy share swapped for AU$0.975 apiece, including a AU$0.015 per...

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