APA Takeover Offer – 30% Premium

APA received a non-binding takeover offer at $11 per share, implying a
value of almost 15x earnings.

 APA has granted access to due diligence and the offer will remain subject to regulatory approval from FIRB.

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With the share price trading below the takeover offer, we’ll be weighing up the arbitrage opportunity in the week ahead.

We feel other stocks within the infrastructure sector will continue to get a boost from takeover interest and medium term support from the bond market’s tepid outlook.

One example we’re attracted to within this theme is Spark Infrastructure.



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