Toll road operator Intoll Group
(ASX:ITO) has received a $3.47 billion takeover offer from Canada Pension Plan Investment Board.
The Canadian pension fund has offered to purchase all of Intoll’s issued capital for $1.535 per security via a scheme of arrangement.
Chairman Paul McClintock says the directors have not formed a view on the proposal and accordingly recommends that securityholders take no immediate action.
Mr McClintock says the company has entered into a confidentiality agreement with the Canadian company, allowing it to conduct due diligence on Intoll.
Canadian Pension Plan Investment Board has neither sought nor been granted exclusivity before the execution of any implementation agreement.
Intoll Group reported a loss of $1.7 billion for fiscal 2009.
