Toll and Patrick try again

Toll Holdings increases its bid for the Australian stevedore to A$5.27 billion with a cash kicker for majority control.
Logistics company, Toll Holdings remains determined to finalize the acquisition of Patrick Corporation that it began eight months ago with a new offer that values Patrick at A$5.27 billion.

The cash and scrip offer equal to A$7.52 per Patrick share also comes with the promise of a further 20 cents in cash if Toll succeeds in acquiring at least 90% of the company, and another 10 cents if Patrick has not exercised its option to acquire FCL Interstate Transport.

TollÆs managing director, Paul Little, made the new offer on Wednesday just days after the Australian Competition and Consumer Commission overturned its original decision to block the acquisition.

TollÆs previous attempts to buy the company have...

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