Energy utility operator Duet Group has confirmed an indicative, non-binding and conditional takeover offer from Hong Kong's Cheung Kong Infrastructure.
CKI has offered $3 for every share in Duet, valuing the target company at $7.3 billion. The offer price represents a nearly 28 per cent premium to Duet's closing price of $2.35 on Friday.
Duet said its board is currently evaluating the proposal and has engaged Macquarie Capital as financial adviser and Allens as legal adviser.
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