Toll road operator Transurban Group (ASX:TCL) shares have jumped 26% since the company yesterday rejected a takeover offer from Canadian investors.
Transurban said the Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan had offered to completely buy out the company for $5.25 per share – a 20% premium on Transurban’s trading price from Wednesday.
But the board had considered the group, and consulted with advisers Lazard and Mallesons, and decided to reject what it called the “incomplete, highly conditional and non-binding joint proposal.”
But Transurban added that it remains willing to engage on “bona fide proposals which provide appropriate value and certainty to security holders in a change of control transaction.”
TCL shares jumped 19.4% yesterday to $5.42, and have climbed another 5.7% today to $5.54.
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