alinta offer is equivalent to $20.03

It looks like the market does not believe Alinta can close it (based on AGL's current share price):


Sydney - Wednesday - April 12: (RWE Aust Business News) -

Alinta (ASX:ALN) is dispatching its bidder's statement to Australian Gas Light Co (ASX:AGL) immediately after Easter.

Its offer will open on 18 April 2006.

Alinta is offering AGL shareholders 1.773 Alinta shares for every AGL share they own.

The volume weighted average price (VWAP) of Alinta shares for the period from Friday April 7 to Monday April 10 was $11.30.

Based on the ratio of 1.773 Alinta shares for every AGL share, the Alinta offer values AGL at $20.03 per share.

Alinta's scrip offer therefore represents an 89 cent premium on the price paid by Alinta on market in February (less the 31c dividend recently paid by AGL) and a significant premium to the value of AGL shares prior to AGL's demerger announcement.

Alinta chief executive Bob Browning said he was pleased that Alinta's offer would finally open, despite AGL's opposition and attempts to delay the process.

"It is time for AGL shareholders, the true owners of AGL, to make a decision about the future of the company," he said.

"The Alinta bidder's statement is being printed, ready for
dispatch immediately after the Easter long weekend.

"We hope this will assist AGL shareholders in making an informed decision about this opportunity."