http://copyright link/articles/2006/05/05/1146335905994.htmlToll bides...

http://afr.com/articles/2006/05/05/1146335905994.html

Toll bides its time
May 05 12:56

Transport group Toll Holdings said on Friday that it would comment on investment bank Macquarie Bank's proposal to bid for stevedore Patrick Corporation only if a bid materialised.

"Toll notes the announcement by Macquarie Bank this morning regarding Patrick and market speculation that it might seek to lead a highly-leveraged bid for Patrick," Toll said in a statement.

"Toll will only comment on such a proposal if any such proposal materialises."

Toll said its $5.8 billion takeover offer for Patrick was scheduled to close next Friday, May 12, and Patrick shareholders should receive their consideration from Toll shortly thereafter.

Toll said its offer for Patrick was valued at $9.20 per Patrick share using the median brokers' valuation for Toll once it had completed the Patrick acquisition.

Macquarie Bank threw a spanner in the works of Toll's takeover bid for Patrick, with the investment bank looking at trumping Toll's bid for the stevedore.

Macquarie on Friday announced it would establish a consortium with a view to making an all-cash offer for Patrick at a premium to Toll's current bid.

Toll's bid was finally accepted by the Patrick board last month after they had resisted the rival's overtures for eight months. However, Macquarie said final commitments from all parties to the potential transaction had not yet been received.