SYDNEY: Transurban Group, Australia's second biggest owner of toll roads, has offered to buy Hills Motorway Group for A$2.2bil to fill the missing link between its two Sydney highways. Shares in both companies surged.
Transurban offered 1.47 of its shares for each Hills Motorway share, valuing the stock at A$12.13 each at yesterday's closing price. Transurban would assume A$400mil of debt, valuing the takeover at A$2.6bil, the Sydney-based company said in a statement yesterday.
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