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NZ'S TRANZRAIL REJECTS TOLL HOLDINGS TAKEOVER BID.
MELBOURNE, Aug 1 Asia Pulse - Australian logistics firm Toll Holdings Ltd (ASX:TOL) has again refused to alter its $A178.5 million (US$115.7 million) takeover bid for Tranz Rail after it was rejected by the New Zealand rail, road and ferry operator today.
Toll managing director Paul Little said the rejection of Toll's offer of 95 NZ cents per share did not place any pressure on the company to change its bid.
"I just think it's a continuation of the company (Tranz Rail) not fully understanding where the Toll bid is and that it's the only bid that has materialised at this point in time," Mr Little told AAP.
"They (Tranz Rail) should be in some way dealing with that, not the unlikely event of another bid arriving.
"I think it (the rejection) doesn't change anything, and that shareholders continue to be confused by the company in their actions, and that's a shame."
The directors of Tranz Rail recommended today that shareholders not accept Toll's offer, saying they agreed with the opinion of independent expert Grant Samuel & Associates that the offer was not fair.
The Tranz Rail board also said the offer was below the current market price of Tranz Rail shares and Toll's condition that it receive acceptances of at least 90 per cent made the offer ...
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Source: HighBeam Research, NZ'S TRANZRAIL REJECTS TOLL HOLDINGS TAKEOVER BID.