CPPIB on the (Aussie) road again
In a deal that looks set to transform the regional infrastructure and private equity investment numbers for 2010, Canada Pension Plan Investment Board (CPPIB) has received a formal recommendation from the board of Australian toll road player Intoll Group for a A$3.4 billion ($3.01 billion) privatization offer. This greatly increases the chances of success for the scheme of arrangement by which CPPIB seeks to acquire all the issued capital of the company. CPPIB’s offer, a 2.5% increase on its original bid price in mid-July, now represents a 36.3% premium on Intoll’s last day of public trading at that time.
"The directors of Intoll have carefully considered the proposal and unanimously recommend that Intoll security holders approve the schemes of arrangement," with CPPIB, Intoll chairman Paul McClintock stated....
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