Toll Holdings, the Austrian logistics market leader, has raised its hostile bid for portoperator Patrick Corporation to about A$5.4 billion (€3.2 billion). The move follows that the
declaration by the country’s competition body that it no longer opposes the takeover.Toll announced that it was now offering A$1.90 in cash plus 0.4 Toll shares per Patrick share.It also offered additional cash payments if it acquired at least 90% of Partick, and Patrick didnot buy trucking firm FCL Interstate Transport. Toll said its offer is valued at $7.52 per Patrickshare (or up to $7.82 per Patrick share including the additional cash).
Toll’s managing director, Mr Paul Little, said the increased offer represents compelling valuefor Patrick shareholders. “We have regulatory approval to proceed and after months ofvalue-destructive tactics from Patrick management, the matter is finally in the hands of Patrickshareholders.”
