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SYDNEY : Australian energy infrastructure group Alinta recommended acceptance Friday of a 6.0 billion US dollar takeover bid by a consortium involving Babcock and Brown and Singapore Power.
Alinta's board said the recommendation was conditional on an independent expert's valuation of Alinta shares and the absence of a superior offer.
The cash and scrip offer values Alinta at A$7.4 billion (US$6.0 billion) or A$15 a share.
The board has spent the past week deciding on offers for the company following a bungled management buyout proposal at the start of the year.
Alinta shares were suspended from trade earlier and were last quoted at A$14.15.
The board said in a statement that the offer represents a 39 percent premium to the stock's 30-day average price.
"While it will be sad to see the end of Alinta as a listed company, the consortium's offer is an attractive one," chairman John Akehurst said.
"Under the offer, Alinta's shareholders will receive a strong mix of cash and securities which provides a continuing exposure to growth and yield stocks in the energy infrastructure field."
The bidding for Alinta began after former chief executive Bob Browning and former chairman John Poynton proposed a management buy-out in January.
Investment and advisory firm Babcock and Brown's chief executive Phil Green said the offer was unique.
"Through our partnership with Singapore Power we have been able to structure a unique offer which delivers benefits to all stakeholders," he said.
"The transaction delivers Babcock and Brown's specialised funds and asset management platform access to high quality, strategically important assets, which are complimentary to existing asset portfolios and deliver significant scale and synergies.
"The cash generative nature of the assets will allow the funds to continue to focus on a strong cash distribution profile," Green said. - AFP/ch
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