Toll road operator Intoll Group Stapled Securities (ASX: ITO) announced on Friday that it has endorsed the revised takeover proposal of its suitor Canada Pension Plan Investment Board (CPPIB), stating that the new bid was an enhancement of up to 2.5 percent from the original submission in July.

Intoll said that CPPIB's bid of $1.52 per security is far better from the initial proposal, basing on the existing exchange rate, and values the company's equity at $3.4 billion.

With the enhanced proposal, Intoll revealed that it has given its go ahead for CPPIB to commence a schemes implementation agreement for the proposed acquisition of its wholly issued capital through schemes of arrangement.

Group chair Paul McClintock said that following careful assessment of the enhanced offer, Intoll directors have overwhelmingly recommended the approval of the schemes of arrangement and receive the cash proposal.

Mr McClintock added that the board's decision would be subjected to "an independent expert for a final assessment that the schemes of arrangement are fair and reasonable and in the best interests of security holders."

Intoll said that its security holders could choose to receive $1.52 in cash per security or a scrip-and-cash alternative, in which shareholders would get 1.0237 securities in CPPIB's unlisted subsidiary bid vehicle per Intoll stapled security and $0.224 cash per Intoll stapled security.

Also, group shareholders could opt to jump for the scrip-and-cash alternative for a portion of their holding and cash for the balance.

Mr McClintock said that the CPPIB bid is reflective of "a highly attractive premium to pre-15 July, 2010 Intoll trading prices, and better reflects the directors' view of the value of the assets in light of market conditions, post the global financial crisis and particularly the increase in the cost of capital."

Formerly known as Macquarie Infrastructure Group, Intoll currently maintains 25 percent stakes on Westlink M7 in Sydney and 30 percent holdings in 407 ETR in Toronto, Canada.