APA (ASX:APA) has received an unsolicited, indicative and non-binding proposal from a consortium led by CK Infrastructure Holdings Limited (CKI), comprising CKI, CK Asset Holdings Limited (CKA) and Power Assets Holdings Limited to acquire all of the stapled securities in APA through trust schemes. The proposed price is $11 per stapled security, representing a ~33% premium to APA's last traded price on 12th June 2018.
APA has entered into a confidentiality agreement with CKI to allow it the opportunity to undertake due diligence on a non-exclusive basis. The APA board has made no recommendation in response to the proposal and security holders have been advised to take no action at the current stage.
A transaction would be subject to Australian regulatory approval and the Consortium has advised APA that it has had discussions with and provided information to both the Foreign Investment Review Board and the Australian Competition and Consumer Commission which includes a proposed divestment package of some gas assets.