New Zealand–based infrastructure investment company Infratil has rejected a $5.1 billion takeover offer from AustralianSuper for being too low, according to several news sources.
Infratil reportedly said AustralianSuper’s bid undervalues its assets. The New Zealand–based company said a number of companies are in the running for its renewable-energy businesses.
“The IFT (Infratil) board will consider any proposal to maximise shareholder value, but given the significant deficiencies in the proposal, no further engagement is planned at this time,” the company said in a statement, according to ABC News.
AustralianSuper’s bid was 22 percent higher than Infratil’s closing share price this week. It was the second bid that AustralianSuper had made in two months.
