"The key issue is they have a board that's determined to grow at all costs. One of the very early rules you learn in investments is a good asset does not make a good investment." Transurban said it has a "clear view" of the long-term value of the company and the takeover bid didn't reflect its growth prospects. "We have a first class suite of assets that is among the best in our sector globally, we have an attractive pipeline of growth projects at various stages of delivery and we have a healthy balance sheet that provides significant funding certainty in relation to our growth projects," Chairman David Ryan said in the letter. "We did not believe that the premium being offered to acquire Transurban under the proposals was sufficient to compensate security holders for this value." Transurban shares slipped 1.1 per cent to $4.34 ain afternoon trading. Bloomberg