Sydney—Australian gas pipeline holder Hastings Diversified Utilities Fund on July 20 again urged its shareholders to reject a takeover offer from another local pipeline operator, APA Group. The implied value of APA’s offer, comprised of A$0.425 (43.9 cents) cash and 0.326 APA stapled securities for all the securities of HDF, was A$2.08 at market close on July 19, the company said in a statement. HDF was trading July 20 at A$2.485, valuing the company at a total of A$1.32 billion.
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