Japan post has made a hash of their TOL acquisition, writing down their $6.5B acquisition by $4.9B and sending the parent company into the red.
TOL was not that healthy at the time of the acquisition, so paying a 49% premium for it was a big call. With little management control from Japan, and a lassaiz faire attitude by the Australian management, the only possible outcome was a bad one.
While Japan Post is belatedly imposing more control, one wonders if their best bet is a refloat on the ASX?
TOL Price at posting:
$9.02 Sentiment: None Disclosure: Not Held
