Hastings Diversified Utilities Fund has received a new non-binding takeover proposal from Pipeline Partners Australia, a consortium which includes Caisse de dépot et placement du Québec and the Hastings-managed Utilities Trust of Australia.
The proposal made by the consortium contains a number of bid conditions that must be satisfied for a transaction to be successfully concluded.
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One of the conditions in the proposal includes acceptance by at least 70 per cent of all HDF securityholders.
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