Australian ports firm reports $2.7 bln takeover bid

0 Comments | AFP, August, 2008

SYDNEY (AFP) — Australia's biggest ports and rail operator Asciano Group on Monday rejected a 2.9 billion Australian (2.7 billion US) dollar takeover bid, saying it undervalued the company.

The joint bid by TPG Capital and Global Infrastructure Partners offered 4.40 dollars cash per security or a scrip alternative of unlisted securities in a bidding company, Asciano said in a statement.

The company's directors believed the proposal "undervalues the business and have decided not to agree to due diligence," Asciano said in a statement after the close of trading.

Satisfactory completion of due diligence was a precondition to the consortium making a final binding proposal, the company said.

Asciano shares rose some 19 percent to 4.92 dollars at one stage...