Toll road operator Transurban Group Ltd
(ASX:TCL) has lost another key shareholder after it rejected a takeover offer from three of its largest investors last week.
Ontario Teachers Pension Plan Board sold its 13 stake in the company for an estimated $4.44 a share which is 16 cents less than the offer price of the company’s $542 million rights issue to help fund the company’s $630.5 million acquisition of the Lane Cove Tunnel in Sydney.
The hefty discount is also $1.13 less than the takeover offer from CP2, Ontario Teachers Pension Plan Board and Canadian Pension Plan Investment Board announced last week.
According to a Fairfax report, CP2 CEO Peter Doherty the company is considering the impact of Ontario Teachers move and assessing its options.
Transurban Group posted a loss of $24.58 million for the 12 months to June 30, 2009.
