Shares in natural gas distributor Envestra have soared after receiving a new $2.37 billion takeover bid from a major Hong Kong conglomerate.

The bid, from a consortium including Cheung Kong Infrastructure, which holds a 17.5 per cent stake in Envestra, has trumped an earlier $2.1 billion offer from fellow gas distributor APA Group.

Envestra shares were up 20 cents, or 17.7 per cent, at $1.33 at 1129 AEST.

The Cheung Kong consortium has offered to acquire all remaining Envestra stock for $1.32 per share.

The new proposal is conditional on the bidders being satisfied with the results of a due diligence process, and approval from Envestra's board and the Foreign Investment Review Board.

The massive bid comes before investors were due to vote on the APA takeover offer on May 13.

Court approval will be sought to delay that vote, Envestra has said.

APA has noted the new bid for Envestra, and said it would make a further announcement in relation to its offer "in due course".

APA shares were down two cents at $6.81 at 1129 AEST.