CPPIB Intoll deal rolling for $3.01 billion
Canada Pension Plan Investment Board (CPPIB) has received a formal recommendation from the board of Australian toll road player Intoll Group for its A$3.4 billion ($3.01 billion) privatization offer, a 2.5% increase on its original bid price in mid-July.
Intoll has recommended the scheme of arrangement by which CPPIB seeks to acquire all the issued capital of the company. "The directors of Intoll have carefully considered the proposal and unanimously recommend that Intoll securityholders approve the schemes of arrangement," Intoll chairman Paul McClintock publicly said. Currently, no competing bid has emerged. CPPIB's offer now represents a 36.3% premium on Intoll's last day of public trading in mid-July.
Intoll has a 25% interest in the Westlink M7 motorway near Sydney, and a 30% stake in Canada's Highway 407/ETR near Toronto. UBS is advising Intoll on the transaction, with Mallesons Stephen Jaques as legal advisor. Goldman Sachs is advising CPPIB.
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