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Pacific Energy gets $466.7m takeover bid

Pacific Energy has received a takeover bid from a consortium valuing its equity at about $466.7 million, trumping a rival bid already recommended by the board.

Fund manager Infrastructure Capital Group and Canada's OPTrust have offered $1.085 per share in cash, Pacific Energy said.

The offer compared with the $419.3 million bid Pacific Energy received in July from fund manager QIC Private Capital.

The new offer, which includes a final dividend of 1.5 cents per share, represents an 11.3 per cent premium to the 97.5 cent per share offered by QIC, and an 11.9 per cent premium to Pacific Energy's last closing price on Monday.

Pacific Energy said QIC has the right to submit a matching proposal to its board over the next four business days, until which time the board will continue to formally recommend QIC's offer.

The new proposal has received approval from the Foreign Investment Review Board, Pacific Energy said.