AusRAIL, Market Sectors

Toll and Patrick set to release joint statements today

<p>Toll Holdings and Patrick Corp were due to release a joint bidder and target statement to the ASX at midday today (Friday, April 21).</p> <p>The document will contain a new independent valuation of Patrick’s share value by Lonergan Edwards, taking into account the bid. </p> <p>Patrick last Thursday accepted a bid of 0.4 Toll shares and $3 in cash, up 80 cents a share on an earlier revised offer, and valuing Patrick on the day’s Toll closing price at $8.26 per share.</p> <p>Patrick was trading this morning at $8.73 per share.</p> <p>It is understood that Patrick had been all ready to roll out its counter-attack plan this week, based on the FCL merger and the heavily flagged talks with Linfox.</p> <p>Had Patrick however knocked back an offer with a lot more cash and near to the top end of the original Lonergan Edwards valuation, news would have leaked out and put the company under pressure from some of its institutional shareholders and their votes. </p> <p>The Patrick&#47FCL&#47Linfox combination would also have taken two to three years to bed down. </p> <br />