Takeover target Caltex has given its Canadian suitor encouragement that its $8.6 billion takeover offer is not too far off the mark, offering it limited access to its accounts at the same time as rejecting the $34.50 a share price as inadequate.
The move came after discussions with investors, the feedback from whom was that the price was "skinny", representing just a premium calculated at 15.8 per cent, Caltex chief financial officer Matthew Halliday said.
