Duet Boards Recommend CKI Consortium Acquisition Proposal

Source Press Release
Company Duet GroupCheung Kong Infrastructure Holdings Limited 
Tags Power, Corporate Deals, Deals, Pipelines/ tankers/ distribution
Date January 16, 2017

The Boards of DUET Group (DUET) are pleased to announce that DUET has entered into a scheme implementation agreement with a consortium comprising  Cheung Kong Infrastructure Holdings Limited (CKI), Cheung Kong Property Holdings Limited (CKP) and Power Assets Holdings Limited (PAH) (the Consortium) under which it is proposed that one or more members of the Consortium will acquire 100% of DUET’s stapled securities on issue (the Proposed Acquisition) by way of schemes of arrangement and a trust scheme (the Schemes).

DUET securityholders will receive total cash proceeds of $3.03 per stapled security, comprising the following components:

  • the Proposed Acquisition consideration payable by the Consortium of up to $3.00 per stapled security (Scheme Consideration); plus
  • a Special Distribution from DUET of at least $0.03 per stapled security1 .

Implementation of the Schemes will be subject to conditions precedent including:

  • DUET securityholder approval2;
  • receipt of customary and specific regulatory relief and approvals (including foreign investment approval);
  • an independent expert concluding that the schemes are fair and reasonable and in the best interests of securityholders;
  • no material adverse change, prescribed occurrence or regulatory restraint; and
  • court approval3 .

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