SYDNEY GAS BOARD REJECTS BID OF QUEENSLAND GAS.

AsiaPulse News | April 18, 2006 | Copyright

MELBOURNE, April 18 Asia Pulse - Takeover target Sydney Gas Ltd (ASX:SGL) today released its target's statement, rejecting the bid by predator Queensland Gas Company Ltd (QGC) (ASX:QGC) as opportunistic and highly conditional.

The Sydney Gas board has unanimously recommended its shareholders reject the QGC offer of one its shares for every two Sydney Gas shares.

In its target's statement Sydney Gas said the offer did not compensate shareholders for the strategic advantages of the Sydney Gas business.

It said the deal did not recognise that Sydney ...

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