Takeover target Pacific Energy has stuck with its recommendation of a takeover bid from QIC after the Queensland-based investor exercised its right to match a higher, $470 million rival offer lobbed last week by Canada's OPTrust and Infrastructure Capital Group.

QIC last Friday lodged a letter outlining a higher bid of $1.085 a share, including a 1.5¢ dividend, valuing ASX-listed Pacific at $535 million including debt. Under its original deal with Pacific Energy in July, QIC had four business days to match any higher offer.