Perth, Australia-based energy infrastructure company Alinta has revealed that 97.01% of its shareholders that were present and voting in person or by proxy have backed the sale of Alinta to a consortium comprising of Babcock and Brown and Singapore Power.
According to Bloomberg, the consortium’s offer values Alinta at A$7.7 billion ($6.4 billion). Babcock and Brown and Singapore Power increased their offer for the energy infrastructure company several times, in order to outbid Macquarie Bank.
The consortium’s offer now stands at approximately A$15.46 per Alinta share. The offer is composed of both a cash component, which remains at A$8.948 per share, and a scrip component, which has decreased 11.1% since it was agreed, Alinta revealed.
The scrip element is comprised of the three Babcock and Brown funds and the APT stock, which are being offered as part of the consortium’s consideration.
According to Bloomberg, Singapore Power and Sydney-based Babcock and Brown plan to carve up Alinta’s Australian gas and electricity network, as well as its power plants and asset management unit.
Alinta said that a hearing of the Australia’s federal court to approve the share and option schemes of arrangement will be held on August 17, 2007. Alinta’s chairman, John Akehurst, said that, should the scheme receive the approval of the court, Alinta will be suspended from trading on the Australian securities exchange the same day.