Toll Group’s shareholders are set to approve next week the Australian company’s US$5.1 billion acquisition by Japan Post after all regulatory clearances were received for the takeover.
The Australian group announced yesterday that New Zealand’s Overseas Investment Office (OIO) has granted consent under the New Zealand Overseas Investment Act for the proposed acquisition by Japan Post Co. Ltd. of Toll via a Scheme of Arrangement.
“Following the approval from New Zealand’s Overseas Investment Office, we have now received and satisfied all regulatory conditions,” said Toll Group Managing Director Brian Kruger. “I am pleased to say we are on track for shareholders to vote on this compelling offer at the Scheme meeting next week.”
Toll Group shareholders will vote on Japan Post’s offer at a special meeting on Wednesday 13 May 2015 at the Melbourne Convention Centre. The company’s board of directors unanimously recommends that shareholders vote in favour of the Scheme.
Provided the Scheme is supported by more than 75% of shares voted, and the majority of shareholders voting are in favour of the Scheme, the deal is likely to be implemented and shareholders paid on Thursday 28 May 2015.
Following shareholder approval, Toll will seek confirmation from the Supreme Court of Victoria on 14 May 2015. If the court confirms the Scheme, it will become effective that day and Toll shares will be immediately suspended from trading on the ASX.
Under the agreed A$6.5 billion (US$5.1bn) deal announced in February, Japan Post will become owner of Australia’s leading express, freight and logistics group and gain a strong regional platform for further international growth as it gears up for a planned mega-IPO later this year.
In future, Toll Group will become a Japan Post division, operating its express and freight services under its own brand, and positioned as the Japanese group’s “key growth platform” in the worldwide logistics sector. Japan Post executives have already signalled they are interested in more acquisitions in Asia and could also look to Europe and the Americas for further expansion.
