Opérations et transactions|18 novembre 2010
CPPIB announces bid to acquire Intoll Group
Wilfred Estey assisted Canada Pension Plan Investment Board with Canadian regulatory compliance issues.
On November 18, 2010, Intoll Group securityholders voted in favour of the proposal by Canada Pension Plan Investment Board (CPPIB) to acquire the entire issued capital of Intoll Group (Intoll) via schemes of arrangement. CPPIB's offer to buy shares through a cash consideration of A$1.52 per stapled security has been endorsed by 95% of voters. In a friendly takeover offer, CPPIB approached Intoll management in July with an offer to pay C$3.5 billion for the Sydney-based toll road operator. Intoll holds a 25% interest in the Westlink M7 motorway in Sydney. Intoll's other major asset – and the one coveted by CPPIB – is its 30% interest in the 407 ETR (Express Toll Route) in the north end of Toronto. The total value of the deal is C$3.2 billion.
The Intoll management team will continue to work together with CPPIB on the implementation of the schemes, which is expected to occur on December 14, 2010.
CPPIB is a professional investment management organization based in Toronto that invests the funds not needed by Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. It invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments.
Intoll Group, formerly Macquarie Infrastructure Group International Ltd., is an Australia-based company. The company and its subsidiaries develop and operate toll roads, bridges and tunnels and investment entities in the same industry sector.
Further information is found on CPPIB's website.
The Intoll management team will continue to work together with CPPIB on the implementation of the schemes, which is expected to occur on December 14, 2010.
CPPIB is a professional investment management organization based in Toronto that invests the funds not needed by Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. It invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments.
Intoll Group, formerly Macquarie Infrastructure Group International Ltd., is an Australia-based company. The company and its subsidiaries develop and operate toll roads, bridges and tunnels and investment entities in the same industry sector.
Further information is found on CPPIB's website.