<p>Tranz Rail says it has held "limited discussions" with Toll Holdings regarding improvements that could me made to Toll’s takeover offer.</p> <p>The operator said the discussions concerned improvements Toll could make to its current NZ95-cent-a-share offer to make it "more acceptable to directors and shareholders".</p> <p>Tranz Rail’s board reiterated its recommendation that shareholders should not accept the offer in its current form.</p> <p>Board chairman Wayne Walden said Tranz Rail’s forward cash flow estimates would see it through the seasonal highs and lows.</p> <p>He also responded to comments Tranz Rail said were attributed to Toll managing director Paul Little.</p> <p>"The board of Tranz Rail is disappointed that Mr Little has once again made misleading statements about the company’s viability and near-term prospects, and can only assume that this is to generate momentum for their bid," Mr Walden said. </p> <br />
