I think if APA were fully valued then an offer by CKI at circa 25% above market price would never have happened. Pretty hard to believe that CKI are bidding at ridiculous over valuation.
If nothing else, maybe APA will now be valued at a sensible price. Comparison with international infrastructure is problematic IMO. Assets buried 2 metres underground in Australia has a certain attraction I think. Think low risk.
Ann: CKI Proposal APA Grants Due Diligence, page-47
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