Colonial First State Global Asset Management offered $2.88 cash per GasNet share, compared with BBI-APT’s $2.42 per share offer, valuing the company at $372 million.
GasNet chairman Rod Keller said his board unanimously agreed the offer represented “excellent value” and recommended shareholders accept the bid in the absence of a superior offer.
BBI and APT, which jointly own more than 14% of GasNet’s issued securities, are reviewing the details of the Colonial offer announcement and will respond in due course.
