Lone Star offers $401 mln for Australia's Sino Gas & Energy
May 31 (Reuters) - Sino Gas & Energy Holdings Ltd said it entered a scheme to sell itself to a unit of U.S.-based private equity firm Lone Star.
The China-focused gas developer said its shareholders will receive A$0.25 per share amounting to A$529.7 million ($401.19 million) and that it unanimously recommends the scheme in the absence of a better proposal.
The offer represents a 19 percent premium to Sino Gas’ closing price of A$0.21 on Wednesday on the ASX.
Representatives at Lone Star were not immediately available for comment. ($1 = 1.3203 Australian dollars) (Reporting by Aaron Saldanha in Bengaluru)