The board of Infratil, a Wellington-based infrastructure developer and operator, rejected an unsolicited bid Wednesday by Melbourne-based industry fund AustralianSuper to acquire all of the firm’s shares.
The latest bid by the A$190 billion ($140.2 billion) superannuation fund and an earlier confidential offer made on Oct. 18 "materially undervalue our significant renewable energy and digital infrastructure platforms," Marko Bogoievski, Infratil's CEO, said in an announcement to the New Zealand Stock Exchange.
The board said in the release that it would consider any proposal that maximizes shareholder value. However, the announcement cited "significant deficiencies" in the AustralianSuper proposal and concluded that “no further engagement is planned at this time.”
AustralianSuper spokesman Stephen McMahon did not respond to queries regarding whether AustralianSuper would continue to pursue an acquisition of Infratil.
In trading Wednesday, Infratil's share price jumped 19.2% to NZ$7.25 ($5.10).