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Tranz Rail asks its shareholders to back Toll bid

<p>Tranz Rail has written to its shareholders formally advising them to accept Toll Holdings improved offer of NZ$1.10 a share.</p> <p>Toll’s decision to increase its offer on September 5 from NZ95 cents a share satisfied Tranz Rail’s view of the company’s underlying worth.</p> <p>Tranz Rail said the new offer, which is valid to October 10, represented greater value than a Grant Samuel independent evaluation of the company.</p> <p>There were also no other competing offers, the company said. </p> <br />