Toll has decided to twist the tiger's tail by berating the ACCC...

Toll has decided to twist the tiger's tail by berating the ACCC for not getting on with its court action. Today's announcement says:

On 25 January the ACCC announced its intention to commence proceedings against Toll to prevent Toll's bid for Patrick Corporation Limited. Since that time Toll has been in communication with the ACCC about a suitable timetable for the proposed proceedings. Toll has not to date received any substantive response from the ACCC, nor has the ACCC instituted proceedings or indicated to Toll when it will in fact institute them.

Given the importance of these issues to shareholders of both Toll and Patrick and the market generally, the issues need to be resolved expeditiously. Toll finds any delay on the part of the ACCC in commencing the proceedings inexplicable and unacceptable given its previous public statements.

Toll remains committed to acquiring Patrick but it is unable to move forward decisively in the current climate of uncertainty. Toll intends to extend the period of its bid to enable the ACCC to commence its foreshadowed action.

Pezz