DUET owns and operates the 1,596 km Dampier to Bunbury Natural Gas Pipeline (DBNGP) that connects the Carnarvon Basin in Western Australia’s North West Shelf with industrial, commercial and residential customers in Perth and the surrounding region.
The unsolicited, indicative, incomplete, non-binding and conditional proposal from CKI is to acquire 100 per cent of DUET at $3.00 per stapled security.
The Boards of DUET Group are currently evaluating the proposal and has advised its security holders to take no action at this stage.
The proposal includes a number of conditions, including the completion of satisfactory due diligence, DUET entering into a Scheme of Arrangement Implementation Agreement and a receipt of customary and specific regulatory and court approvals.
DUET has engaged Macquarie Capital as its financial adviser and Allens as its legal adviser for the proposal.