Toll Group’s shareholders today overwhelmingly approved the Australian company’s A$6.5 billion (US$5.1 billion) acquisition by Japan Post and the deal is set to go through by the end of this month.
The Australian group announced that 99.72% of shareholders voted in favour of the transaction at a special meeting in Melbourne, with 95.88% of shareholders taking part in the vote. The company’s board of directors had unanimously recommended that shareholders vote in favour of Japan Post’s offer and all regulatory clearances had been received earlier this month.
In the next steps, Toll Group will receive formal legal approval for the takeover from the Supreme Court of Victoria tomorrow (May 14) and its shares are due to be suspended from trading on the Australian Stock Exchange (ASX) on the same day. Shareholders will be paid A$9.04 per share on May 28, and the deal will be formally completed.
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.
