July 24 (Reuters) - Australian electricity generator Pacific Energy (PEA) on Wednesday recommended a A$419.3 million ($293.3 million) takeover offer from fund manager QIC Private Capital.
QIC offered A$0.975 for each Pacific share, the company said in a statement. The figure represents a 35% premium to Pacific's last close.
($1 = 1.4298 Australian dollars)
News: PEA Australia's Pacific Energy backs $293 mln takeover from fund manager
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