BRIEF: Australia\'s Pacific Energy backs $293 mln takeover from fund manager

BRIEF: Australia's Pacific Energy backs $293 mln takeover from fund manager

QIC offered A$0.975 for each Pacific share, the company said in a statement. The figure represents a 35% premium to Pacific's last closeReuters  |  July 24, 2019, 07:38 IST
BRIEF: Australia's Pacific Energy backs $293 mln takeover from fund manager New Delhi: Australian electricity generator Pacific Energy on Wednesday recommended a A$419.3 million ($293.3 million) takeover offer from fund manager QIC Private Capital.

QIC offered A$0.975 for each Pacific share, the company said in a statement. The figure represents a 35% premium to Pacific's last close.

($1 = 1.4298 Australian dollars)