‘Clayton’s bid’ stops Patrick from moving on: Corrigan

<p>Chris Corrigan has told the <em>Australian Financial Review</em> today (Wednesday, February 8) that the stalled Toll Holdings offer for Patrick Corp has become a "Claytons bid" which is now preventing Patrick from "getting on with our life". </p> <p>The Toll bid is unable to proceed because of the Australian Competition and Consumer Commission’s January 18 veto on the takeover.</p> <p>But so long as the offer remains on the table, Patrick remains bound by the general provisions of the takeover code. </p> <p>This would prevent Patrick doing anything &#8211 such as launching new acquisitions &#8211 perceived to be frustrating the bid, and without unusual disclosure.</p> <p>Mr Corrigan said at the Virgin Blue annual general meeting yesterday that Toll could be keeping Patrick in check for "anti-competitive reasons" and the company was considering approaching the Australian Securities and Investment Commission.</p> <p>The ACCC and Toll have, meanwhile, remained in a standoff, with the commission holding back its threat to seek a Federal Court injunction to finally end the bid, while Toll has so far not sought a Federal Court declaration that would force the ACCC to defend and explain its decision. </p> <p>A Patrick spokesman said that the company’s concerns on the Toll bid should not be read in conjunction with the present rumours surrounding Patrick and Linfox. </p> <br />