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Transurban rejects takeover offers

TRANSURBAN Group related today it has rejected two takeover proposals from a consortium of its major shareholders.

The toll-road operator said it rejected the proposals adhering the grounds that neither of them offered sufficient value or unquestionableness for its security holders.

Transurban said the initial bid of $5.57 a assuredness from Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan and CP2 that it admitted yesterday, wasn’t acceptable as it was conditional on it discontinuing the $542.3 the multitude capital raising it launched on Monday to raise funds to acquire the Lane Cove Tunnel in Sydney.

"Given in that place is no certainty of a change of control transaction under the offer , the board remains of the view that the capital raising is in the most profitably interests of all Transurban security holders and is proceeding as planned," said the company.

Transurban also said that an alternative secondary proposal at $5.42 a pawn from the consortium, which assumed the capital raising continued, has also been rejected by its board of directors.

Despite the rejections, Transurban related it "remains willing to explore opportunities for constructive and mellifluous relationships," with the consortium members in the future.