Canada funds offered A$5.25 a share for Transurban

Published: 04 Nov 2009 19:51:54 PST

MELBOURNE, Nov 5 - Two Canadian pension funds said on Thursday they had offered A$5.25 a share in a rejected offer to buy out Australian toll road operator Transurban Group <TCL.AX>.

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The two funds, Canada Pension Plan Investment Board and the Ontario Teachers Pension Plan Board, said they proposed to let shareholders choose between the cash offer or a share rollover into an unlisted group with a top-up, or a combination of both.

"CPPIB and OTPP note Transurban's willingness to enter into constructive discussions on bona fide proposals and look forward to the opportunity to discuss the details of the proopsal with Transurban," they said in a statement.

The funds already own about 28 percent of Transurban.