Article: Toll allowed to go get Patrick

Status
Not open for further replies.

Yada Yada

Established Member
Joined
Dec 6, 2004
Messages
1,877
Points
0
www.smh.com.au said:
Toll allowed to go get Patrick
By Matt O'Sullivan
March 13, 2006

TOLL Holdings' hopes of winning control of Patrick Corp have been revived after the competition watchdog reversed its decision to block the transport company's $4.3 billion bid for the stevedores.

In a major victory for Toll chief executive Paul Little, the Australian Competition and Consumer Commission changed its mind after the company agreed to sell its 50 per cent stake in rail operator Pacific National should the mainly scrip offer succeed.

Toll will make a revised offer in the next two weeks. Mr Little said he was confident he would realise his hopes of making Toll Australia's largest transport operator.

"It will be a decision that won't be too hard for shareholders to make," he said.

The ACCC's decision also revives Sir Richard Branson's hopes of regaining control of Virgin Blue, which were thrown into disarray in January when the commission ruled that the Toll-Patrick deal would damage competition.

Mr Little, who only last week won control of Singaporean logistics company SembCorp, said Sir Richard was happy about the decision and the two would discuss the revised bid this week.

More...
I'll be happy to see control of DJ go back to SRB.
 

JohnK

Veteran Member
Joined
Mar 22, 2005
Messages
43,731
Points
3,070
And the saga continues....

Like to see Sir D'ck take control of Virgin again but the road will not be an easy one.
 

Yada Yada

Established Member
Joined
Dec 6, 2004
Messages
1,877
Points
0
And here is the latest development in the saga...

www.smh.com.au said:
Toll raises bidding to $5.4b
By Scott Rochfort
March 23, 2006

TOLL Holdings has goaded Patrick to detail its merger plans with Australia's second-largest road transport business - Linfox - after raising its takeover offer for the stevedore to $5.4 billion.

In an attempt to push the seven-month-old bid over the line yesterday, Toll removed the condition requiring it to snare 90 per cent of Patrick. That enables it to sidestep Patrick chairman Peter Scanlon and managing director Chris Corrigan, who own some 10 per cent of the company.

<snip>

Toll also tore up its original plans to unload Patrick's 62.4 per cent stake in Virgin Blue if its takeover succeeded, partly via an in specie dividend of 0.3 of the airline's shares to each Patrick shareholder.

Under the original deal, Virgin Blue founder Sir Richard Branson was to regain management control of the airline by buying back a 15 per cent stake from Toll at an underwritten price of $1.40 a share.

But Mr Little said Toll's change of tactics was a result of the recent recovery in the airline's share price and profit outlook.

"It's, from our point of view, a better business and that's obviously reflected in the price it's trading at," he said.

Mr Little was unclear on Toll's plans for Virgin Blue but the removal of any deal with Sir Richard in the takeover bid is seen as a move to focus all of the debate on the Patrick offer.

Toll has made it clear it may drive a harder bargain in handing back management control to Sir Richard. "It's all very hypothetical until we get control of Patrick," he said.

Yet Toll has not annulled the underwriting agreement with Virgin Group.

More...
 
M

MetroAir

Guest
Patrick accepts Toll takeover
Fri 14 Apr 2006

Battle over: Toll has raised its bid for Patrick to $6.2 billion.
Battle over: Toll has raised its bid for Patrick to $6.2 billion.
Source: ABC
Source: ABC

Australia's dominant port operator, Patrick Corp, has accepted a takeover bid from Toll Holdings.

After a drawn out dispute relating to the takeover, involving the Federal Court and the ACCC, Toll Holdings and Patrick have struck a deal.

A spokesman for Patrick says Toll Holdings has increased its original offer by $1.6 billion, bringing the final agreed price to $6.2 billion.

Patrick managing director Chris Corrigan says it is a fair price and he will recommend Patrick shareholders accept it, after a unanimous decision by the board.

Toll Holdings boss Paul Little says the takeover will create an integrated transport company unique in the Australian and Asian region.

Patrick has confirmed it will not solicit any higher bids from other companies and both companies have agreed to end all legal proceedings.
 
Your simple solution to home security. Quickly view what’s happening at home when you're not there, giving you peace of mind.

Simple plug-in installation means you’ll be up and running in no time.

AFF Supporters can remove this and all advertisements

jakeseven7

Senior Member
Joined
Sep 9, 2005
Messages
5,681
Solutions
2
Points
995
Yada Yada said:
And here is the latest development in the saga...

www.smh.com.au said:
Toll raises bidding to $5.4b
By Scott Rochfort
March 23, 2006

TOLL Holdings has goaded Patrick to detail its merger plans with Australia's second-largest road transport business - Linfox - after raising its takeover offer for the stevedore to $5.4 billion.

In an attempt to push the seven-month-old bid over the line yesterday, Toll removed the condition requiring it to snare 90 per cent of Patrick. That enables it to sidestep Patrick chairman Peter Scanlon and managing director Chris Corrigan, who own some 10 per cent of the company.

<snip>

Toll also tore up its original plans to unload Patrick's 62.4 per cent stake in Virgin Blue if its takeover succeeded, partly via an in specie dividend of 0.3 of the airline's shares to each Patrick shareholder.

Under the original deal, Virgin Blue founder Sir Richard Branson was to regain management control of the airline by buying back a 15 per cent stake from Toll at an underwritten price of $1.40 a share.

But Mr Little said Toll's change of tactics was a result of the recent recovery in the airline's share price and profit outlook.

"It's, from our point of view, a better business and that's obviously reflected in the price it's trading at," he said.

Mr Little was unclear on Toll's plans for Virgin Blue but the removal of any deal with Sir Richard in the takeover bid is seen as a move to focus all of the debate on the Patrick offer.

Toll has made it clear it may drive a harder bargain in handing back management control to Sir Richard. "It's all very hypothetical until we get control of Patrick," he said.

Yet Toll has not annulled the underwriting agreement with Virgin Group.

More...


hmmm maybe branson won't get his grubby paws back on DJ then...
I actually prefer DJ with less involvement from him, ever since he lost control DJ has smartened its act up a bit, not as obnoxious (advertising - mostly superficial stuff.... tho their product is still not suitable for me)
 

JohnK

Veteran Member
Joined
Mar 22, 2005
Messages
43,731
Points
3,070
Another interesting twist to this saga!

AFP said:
Toll goes to court to bar rival Macquarie tilt at Patrick

SYDNEY (AFP) - Transport and logistics group Toll Holdings began court action against takeover target Patrick Corp in a bid to thwart a rival bid for Australia's biggest ports operator led by investment bank Macquarie.

Toll said it was also launching legal action against Patrick Corp chief executive Chris Corrigan and chairman Peter Scanlon in connection with their alleged role in soliciting the counter proposal from Macquarie.

Macquarie revealed on Friday that it was talking to possible consortium partners about an all-cash takeover bid for Patrick expected to value the firm at 7.2 billion dollars (5.5 billion US), compared to Toll's cash-and-scrip offer of 5.8 billion dollars.

More...
 

Yada Yada

Established Member
Joined
Dec 6, 2004
Messages
1,877
Points
0
JohnK said:
Another interesting twist to this saga!
Blimey... I wonder where it will end?

So if MacBank was successful, it would own Virgin Blue. :shock: Discount airport fees for being part of the family? :D
 

NM

Enthusiast
Moderator
Joined
Aug 27, 2004
Messages
16,440
Points
1,295
Qantas
LT Gold
Virgin
Red
Yada Yada said:
Blimey... I wonder where it will end?

So if MacBank was successful, it would own Virgin Blue. :shock: Discount airport fees for being part of the family? :D
or just keep jacking them up and tell us all that "Virgin Blue is not complaining, its just Qantas that is making a fuss". Now, can anyone remember AN being bled dry by their owner? Operate DJ at a loss due to very high airport fees and see the profits continue to rise at SAC?
 
Status
Not open for further replies.

Enhance your AFF viewing experience!

From just $6 we'll remove all advertisements so that you can enjoy a cleaner and uninterupted viewing experience.

And you'll be supporting us so that we can continue to provide this valuable resource :)


Sample AFF with no advertisements? More..

Community Statistics

Threads
87,352
Messages
2,139,356
Members
54,403
Latest member
MelloryFlyer
Top