Intoll said Friday several of its major shareholders support a bid by a Canadian pension fund manager to buy up its shares and turn the Australian toll road operator into a private company.

The offer from the CPP Investment Board is valued at $3.2 billion Cdn.

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The CPP Investment Board bid is a 40 per cent premium on Intoll's recent share price. ((Ramya Jegatheesan/CBC) )

Intoll's board has unanimously recommended the takeover as the best way to deliver value to its shareholders.

Intoll, which owns a 30 per cent stake in the Highway 407 electronic toll road in Ontario, said it believes its stock is undervalued and that this would continue to hinder growth.

The bid is a 40 per cent premium to Intoll's closing share price on July 14, the last day of trading before the CPP Investment Board put forward its initial proposal.

The CPPIB invests funds in the Canada Pension Plan that are surplus to those needed to pay out benefits.

With files from The Canadian Press