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SYDNEY - Australian energy infrastructure group Alinta Ltd. said on Tuesday the company has received a management buy-out approach from the group's chairman and a group of four senior executives, including its chief executive.
The company, with a market capitalisation of about A$5.5 billion ($6.3 billion), said in a statement that the buy-out proposal was based on a combination of cash and shares in a reshaped Alinta, which it understands was "designed to deliver a significant premium to all Alinta shareholders".
Alinta, which bought infrastructure assets from Australian Gas Light Co. in April, is pitching itself as a leader in consolidating power and gas transmission assets in Australia, competing against about 10 other players, including Macquarie Bank Ltd and Babcock & Brown Ltd.
- REUTERS
