Transurban Group has rejected the A$7.2bn ($6.4bn) takeover bid from three of its biggest shareholders referring to it as an inadequate price.

The Canadian Pension Plan Investment Board, the Ontario Teachers’ Pension Plan and Transurban’s Australian partner CP2 had offered A$5.57m for its share.

The three shareholders, who hold a 42.4% stake, are looking at controlling the assets of the group, which include Pocahontas 895 in Virginia and four Sydney toll roads, according to

A A$542.3m share sale will go ahead to help fund its acquisition of the Sydney Lane Cove Tunnel, according to the company.

Transurban Group is a toll road owner and operator with interests in Australia and the US.