TRANSURBAN shareholders are falling behind the board's decision to reject a $6.7 billion takeover offer from two of Canada's biggest pension funds, raising pressure on the suitors to increase their bid.

It is understood that Transurban has begun canvassing opinion among its key shareholders, most of whom have said the Canadian offer of $5.25 a share undervalues the toll roads business.

The Canada Pension Plan and Investment Board and the Ontario Teachers Pension Plan, which together hold 28 per cent of Transurban's shares, last week revealed their bid after secret negotiations failed.

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Posted by claire at November 9, 2009 7:09 PM