Ann: Intoll receives non binding proposal from CP, page-8

re: Ann: Intoll receives non binding proposal... ITO's net asset value is $1.72/sh, so offer of $1.53/sh is better then yesterday's close of $1.11, but still a low-ball offer.

Wonder what their top 3 shareholders think of this. Macq have 18% while Lazard & Abu Dabhi Inv Authority holds 9.9% each, or a total ~38% eqiuty in the company.

So IMO still room for improvement, depending on how ITO's board negotiates with the Canadians.

Remember, the Canadians were unsuccesful with their offer of $5.57/sh (or A$13.8b) for Transurban in May!!

ITO looks cheap to a cashed up player. Interestingly the same mob of Canadians took over Maquarie Infrastructure's Broadcast Australia last year.

Corporate 'arm-wrestling' begins.