(Reuters) - Australian electricity generator Pacific Energy (PEA.AX) on Wednesday recommended a A$419.3 million ($293.3 million) takeover offer from fund manager QIC Private Capital.
QIC offered A$0.975 for each Pacific share, the company said in a statement. The figure represents a 35% premium to Pacific’s last close.
($1 = 1.4298 Australian dollars)
Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin