Transurban rejects takeover bid
November 5, 2009
Transurban Group (TCL) said it has received and rejected an incomplete, highly conditional and non-binding joint proposal from Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan. The company said, if implemented, the proposal would involve a change of control of the Transurban Group through a scheme of arrangement.
Transurban said its board remains willing to engage on bona fide proposals which provide appropriate value and certainty to security holders in a change of control transaction.
“Security holders should further note that the Board expressed as recently as October 27 2009 at the AGM that it has significant confidence in Transurban Group’s performance and long-term prospects,” the company said.
“The fundamentals of Transurban’s business remain very sound, particularly against the backdrop of uncertain global economic times.”
As at 1453 AEDT, Transurban shares were up 86c to $5.25.
Transurban said its board remains willing to engage on bona fide proposals which provide appropriate value and certainty to security holders in a change of control transaction.
“Security holders should further note that the Board expressed as recently as October 27 2009 at the AGM that it has significant confidence in Transurban Group’s performance and long-term prospects,” the company said.
“The fundamentals of Transurban’s business remain very sound, particularly against the backdrop of uncertain global economic times.”
As at 1453 AEDT, Transurban shares were up 86c to $5.25.
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