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TPG Capital and Global Infrastructure Partners offered US$2.7 billion in cash for Australian port and rail company Asciano Ltd. on Monday morning in an unsolicited bid that sent the company's shares soaring. The stock closed at A$4.83
close; well above the A$4.40 per share offer price as investors piled
in on the bet that a final deal will close at a higher price.
The two private equity firms are offering a modest premium to Asciano's Aug. 1 closing price of A$4.15; but one that is well below the 55% the stock has lost this year. The company's board rejected the indicative offer saying it undervalued the business. Global Infrastructure Partners, recently formed by General Electric Co. and Credit Suisse Group, closed its first fund with $5.64 billion in May 2008. TPG Capital is out fund-raising for its latest vehicle, a fund that reportedly already has $17 billion in commitments, including $2.5 billion from China's State Administration of Foreign Exchange. The allocation may be the largest-ever commitment by a single entity to a private equity investment fund. - George White See story on TheDeal.com See Dealscape post on TPG fund See story on GIP fund on TheDeal.com See DealWatch on PE/VC fund-raising CategoriesPrivate capital video
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