Announcement After the Market Closed ----- watch for TOLL. Valuation based on combined business and cashflow around $16.00 - $16.50.
Toll gets 90 per cent of Patrick Corp Email Print Normal font Large font May 24, 2006 - 6:40PM
Transport and logistics firm Toll Holdings Ltd has acquired a 90 per cent stake in stevedore Patrick Corp Ltd and will now move to compulsorily acquire the remaining shares.
Toll said it holds 90.76 per cent of Patrick and would therefore not extend its takeover offer for the company.
The offer will close on May 25 after a takeover battle that began last August and culminated in a $6 billion-plus bid.
Toll shares were five cents lower at $14.70 on Wednesday. Patrick was down 11 cents at $8.81.
TOL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
