Patrick's owner rejects bid from private equity firms

摘要

Australian transport giant Asciano, has rejected a A$2.9bn ($2.7bn) takeover bid. TPG Capital and Global Infrastructure Partners (GIP) made a non-binding offer of A$4.40 cash per share for the firm that owns Patrick, one of Australia's two main ports and stevedoring companies.rnAsciano said its directors considered the proposal and believe it undervalues the business. It also rejected the private equity firms' request for due diligence, which TPG and GIP required before making a final binding proposal.rnAsciano was formed from Toll holdings, which was forced by Australia's anti-trust regulator to spin off its infrastructure assets after its takeover of Patrick in 2006. The company took on a large amount of Patrick's debt and has since failed to convince investors.