APA Group (ASX:APA)has sweetened its cash-and-scrip takeover offer for Hastings Diversified Utilities Fund (ASX:HDF).
The new increased offer comes with an implied value $2.56 and has been received just one week after Hastings Diversified Utilities Fund recommended its shareholders agree to a rival bid from Pipeline Partners Australia.
Pipeline Partners Australia is offering Hastings Diversified Utilities Fund $2.325 cash per share.
APA chairman Len Bleasel says APA's offer is clearly superior to the Pipeline Partners Australia offer and it looks forward to receiving a recommendation by the independent directors of Hastings.
Hastings Diversified reported net loss of $29.9 million in the 2011 financial year.
HDF Price at posting:
$2.55 Sentiment: None Disclosure: Held
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