Pacific Energy draws $470m rival offer to spark bid war

A bidding war has kicked off around Western Australian remote power supplier Pacific Energy after Canada’s OPTrust and local player Infrastructure Capital Group lobbed a $470 million cash offer, beating an existing agreed bid from QIC by more than 11 per cent.

The latest offer, which was flagged earlier by The Australian Financial Review's Street Talk column, values ASX-listed Pacific at $1.085 per share, including a 1.5¢ dividend to be paid by the target.