Toll Holding's share price rose 48% after Japan Post offered A$6.5 billion for the Australian freight and logistics firm on Wednesday, the biggest offer for an Australian company from Japan ever.
The Australian company's board recommended the all-cash takeover offer from state-owned Japan Post at A$9.04 per share. The shares closed on Friday at A$8.97.
Japan Post’s offer implies a 49% premium to Toll’s share price close on February 17 of A$6.08 and a 53% premium to the shares’ three-month VWAP.
“With what we consider a generous offer, we believe it is unlikely the proposed takeover will fail,” said Andre Fromyhr, an analyst...
¬ Haymarket Media Limited. All rights reserved.
