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Sydney morning herald:
The Canada Pension Plan Investment Board has launched a takeover offer worth$A3.47bn in cash for Australian-listed toll roads operator Intoll. The price pershare under the scheme of arrangement would be $A1.535, which analysts say isfair and reasonable. The pension fund had previously been part of a consortiumthat made an unsuccessful acquisition bid for Intoll competitor Transurban .

Please note anayslt state its fair and resonable. I think there is a 95% chance the offer is not getting any higher.