AUSTRALIA/CANADA - The Canada Pension Plan Investment Board (CPPIB) has bid A$3.5bn (US$3.1bn) for Macquarie-backed Australian toll road operator Intoll Group.
Intoll said it received an offer of A$1.535 per share from CPPIB and has three weeks to evaluate the offer.
Intoll chairman Paul McClintock said: "The directors of Intoll have not formed a view as to the adequacy of the proposal and accordingly recommended that Intoll security holders take no action at this time."
Last year, CPPIB partnered with the Ontario Teachers Pension Plan to take over Transurban in a A$6.8bn deal, but the offer was rejected in November. (Global Pensions; November 9, 2009).
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...