Third time lucky for TPG in Oz?

David Bonderman's TPG Capital offered A$2.9 billion ($2.7 billion) for Asciano Ltd, Australia's second-biggest coal transporter, in the country's largest leveraged buyout.

TPG and Global Infrastructure Partners offered A$4.40 a share cash for Asciano. The shares jumped 16 percent to A$4.83 at the close of trade and the Melbourne-based port and rail owner said it wouldn't allow TPG access to its finances because the bid undervalues the company.

Asciano, which hauls coal from the Hunter Valley to Newcastle, the world's biggest coal-exporting port, became an attractive target after its shares slumped 75 percent in the past year. The deal, which values Asciano at about $6.5 billion including debt, would be twice as big as Macquarie Group Ltd's $3.2 billion buyout of Sydney Airports Corp in 2002, according to data compiled by Bloomberg.