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...
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