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Asciano rejects AUS$2.9bn bid from TPG, GIP05/08/2008. Source: AltAssets. 
 Australian infrastructure company Asciano has rejected a AUS$2.9bn proposal from private equity firms TPG Capital and Global Infrastructure Partners, the infrastructure-focused private equity firm backed by Credit Suisse and General Electric. The offer was for AUS$4.40 per share.
As part of the proposal, TPG Capital and GIP requested due diligence prior to any final binding proposal. This was denied by Asciano, who said that the proposal would undervalue the business. The investor consortium may well put a new offer on the table.
Asciano operates the Pacific National rail operations and the Patrick ports and stevedoring businesses. The company also owns and operates infrastructure assets, including ports and rail throughout Australia.
Asciano is listed on the Australian Stock Exchange. The company has 8,000 employees and revenues of approximately AUS$2.5bn.
In May of this year, GIP closed its inaugural fund on $5.64bn.
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