two potential scenarios henceforth

1. TOL is likely to proceed to the Tribunal for a ruling.
2. Another bidder might emerge over the next few weeks, after the hedge funds have exited.

If neither scenario comes to fruition, PRK remains a quality long term holding, with duopolistic assets. The information provided during the takeover game indicated how strong PRK's core operations (barring VBA) are performing. The robots that will gradually replace workers at ports are at world's best practice and PRK might even be able to sell 'patent' rights to global competitors.

I am looking for further top up at the right price. On fundamentals, PRK will hold at $6.50.

Corrigan will plan to go after TOL's transportation business and TOL knows this.

Meanwhile:

Sydney - Wednesday - January 18: (RWE Aust Business News) -

Patrick Corp Ltd (ASX:PRK) said the decision by the Australian Competition and Consumer Commission (ACCC) to oppose the bid by Toll Holdings (ASX:TOL) to take it over was not surprising.

Patrick said Toll did not understand the complex regulatory challenges posed by such a bid.

"It has been obvious to logistics industry participants for many months that Toll was unlikely to satisfy the ACCC despite the repeated bullish statements of confidence to financial markets issued by Paul
Little," Patrick managing director Chris Corrigan said.

"Patrick can now focus on further growing its business for our shareholders free from the unwelcome and expensive distraction of the Toll bid."

Patrick will proceed with its proposal to buy the FCL business and will hold meetings next week with the ACCC to seek approval for this acquisition.

Patrick shares were down 48c to $6.79.