QIC Private Capital has matched the bid of rival consortium in a bidding war for Australian energy supplier Pacific Energy, according to Reuters.
QIC raised its initial bid to value the company at A$466.7 million ($321 million), or A$1.085 ($0.75) per share. In July, the company had initially offered A$0.975 ($0.67) per share.
Earlier this week, another consortium composed of Australian fund manager Infrastructure Capital Group and Canada’s OPTrust offered the same amount
Pacific Energy delivers low-cost “off-grid” power supply to the Australian resource sector and “grid-connected” renewable hydro and gas power, according to the company’s website.
