Toll-road operator Transurban Group
(ASX:TCL) has rejected a takeover bid from three of its biggest shareholders but says it is willing to explore opportunities to work with the companies.
Transurban says it received a proposal last night and an alternative proposal this morning, but rejected the proposal on the ground of certainty and value.
The company says it has great confidence in Transurban’s outlook and prospects, and says it will continue to seek ways to maximise value for its shareholders.
The takeover bids came from Canada Pension Plan Investment Board, Ontario Teachers’ Plan Board and CP2, who offered to acquire the company for $5.57 a share, on the condition that the company dropped its capital raising to acquire the Lane Cove Tunnel.
On Monday Transurban announced it had agreed to acquire Sydney’s Lane Cove Tunnel for $630.5 million.
Notwithstanding the reject of the group’s proposals, the company remains willing to explore opportunities for constructive and harmonious relationships with the members of the bidding group into the future that will serve the interests of all Transurban security holders.
Transurban posted a loss for fiscal 09, a smaller loss, however, than the year before.
