23/07/2019 - 15:27

Pacific in trading halt amid takeover offer

23/07/2019 - 15:27

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Pacific Energy has enetered a trading halt today, ahead of an announcement regarding a takeover offer for the remote power provider, with competitor Zenith Energy enjoying a share price surge on the news.

Pacific in trading halt amid takeover offer
James Cullen is the managing director of Pacific Energy.

Pacific Energy has entered a trading halt today, ahead of an announcement regarding a takeover offer for the remote power provider, with competitor Zenith Energy enjoying a share price surge on the news.

Business News understands the state-owned QIC, formely known as Queensland Investment Corporation, is behind the takeover bid.

Additionally, sources have told Business News that Canada-based pension fund OPTrust is also interested in acquiring Pacific.

In March 2018, Pacific purchased Kewdale-based Contract Power Group for $90 million.

Pacific, which is led by James Cullen, currently has a market cap of around $310 million.

If Pacific is acquired, Zenith Energy would be the last ASX-listed company that specialises in remote minesite power stations.

Shares in Zenith jumped 9.4 per cent to close trade at 64 cents each. 

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