AusRAIL, Market Sectors

Toll extends bid and waits for ACCC response

<p>Toll Holdings extended its offer for Patrick by another month on Friday (February 3) &#8211 until March 13 &#8211 a move that looks set to trigger an action in the Federal Court by the Australian Competition and Consumer Commission, which has ruled against the bid. </p> <p>The ACCC foreshadowed a move to court on January 25, but an ACCC spokeswoman said today (Monday, February 6) that the commission had not yet started any legal action.</p> <p>Toll would benefit from the ACCC taking the legal initiative, rather than going to court itself to overturn the ACCC ruling, as it would put the burden of proof on the commission. </p> <p>Patrick did not miss the chance to deride Toll’s tactics, with spokesman Paul White saying: "Toll is now asking the regulator to stop its own bid &#8211 a move which defies all reason.</p> <p>"Clearly the bid is incapable of acceptance in its present form on both regulatory and commercial grounds </p> <p>&#8220Toll should bring an end to this destructive nonsense and allow both companies to go about their respective businesses on behalf of their shareholders." </p> <br />