The Cheung Kong Group offer values Envestra at approximately $2.37 billion, while APA's offer, finalised on Wednesday, values the company at $2 billion.
The Chinese group has made the approach through a consortium of its subsidiaries including, Cheung Kong Holdings, Cheung Kong Infrastructure Holdings and Power Assets Holdings.
Cheung Kong Holdings has a 17.46% stake in Envestra.
The consortium informed Envestra that each of its members had sufficient financial resources to fund the offer and that it did not expect approval from the Australian Competition and Consumer Commission to be a condition.
The alternative offer could unseat APA's approach, which was already on rocky ground due to opposition from another large Chinese stakeholder, CKI.
CKG's offer matches a review of Envestra's worth conducted by an independent expert, which put the company's valuation at $1.11-$1.32 per share.
Envestra is in the midst of reconstituting its board, which could exclude APA's and CKI's nominated directors, to consider both CKG's proposal and the APA scheme of arrangement.
