Transurban rejects higher CPPIB/OTPP bid
Australian toll road major Transurban Group has rejected a higher takeover bid of A$7.2 billion ($6.4 billion) from the Canada Pension Plan Investment Board (CPPIB) and the Ontario Teachers’ Pension Plan (OTPP), along with local fund manager CP2 Ltd. maintaining that it still undervalued the company.
CPPIB and OTPP earlier submitted an A$6.8 billion ($6.2 billion) offer in November 2009, also rejected. The new offer represents a 14% premium on Transurban's latest closing price. The two Canadian pension funds are 28% stakeholders in Transurban, with CP2 holding a further 14%. Their latest move may be a counter to Transurban's announced plans to issue new shares to fund the acquisition of Sydney's Lane Cove Tunnel, which would dilute their existing stakes, and the funds could now make an offer direct to shareholders.
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