CPPIB launches $3.05 billion bid for Australia's Intoll Group
The Canada Pension Plan Investment Board (CPPIB) has launched an A$3.4 billion ($3.05 billion) takeover bid for Australian road toll operator Intoll Group – a cash offer that comes at a 38% premium over the target's latest closing price.
Intoll, which was under the Macquarie Infrastructure Group until January, has assets that include a 25% stake in Sydney's Westlink M7 and a 30% stake in the 407 ETR outside Toronto. Intoll's chairman Paul McClintock said in a statement that the company's board has not formed an opinion of the offer, and it will give CPPIB three weeks to assess the deal and conduct due diligence.
Macquarie Group owns an 18% stake in Intoll, while Lazard Asset Management owns 11% and Abu Dhabi's sovereign wealth fund has a nearly 10% stake in the company.
The bid comes two months after CPPIB attempted to acquire Intoll competitor Transurban Group for A$6.6 billion ($5.8 billion).
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