Transurban Rejects Shareholders' $6.4B Buyout Bid

Law360, New York (May 12, 2010, 6:54 PM EDT) -- Australian toll operator Transurban Group Ltd. has rebuffed a buyout offer of AU$7.2 billion ($6.4 billion) from a shareholder group including two Canadian pension funds, saying the offer undervalues the company.

Transurban said Wednesday that it had rejected two offers from the Canada Pension Plan Investment Board, the Ontario Teachers' Pension Plan Board and CP2 Ltd., Transurban's largest insurer, including an offer of AU$5.57 per security valuing the company at AU$7.2 billion.

The company said the price represented only a 21 percent premium over the underwritten...
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