The Board strongly believes that, based on this offer, Patrick shareholders are better off without Toll in the medium and long term. Patrick has far superior businesses and significantly greater growth prospects relative to Toll.
The bid is ill-conceived, poorly structured and offers Patrick shareholders a diluted interest in the high-quality businesses Toll wants.
The support for cleaning this up, I have to tell you, is overwhelming. And it is about time we got on with the job of cleaning up the waterfront and making it a productive place for all Australians.
Our long-term capital investment program in ports will move to a new phase next month with the opening in Brisbane of our world-first automated straddle carrier terminal,
I imagine we'll start off with Great opportunity to come into a dysfunctional organisation, work for two shareholders who are at each other's throats, expect to receive the occasional barrage of emails and the odd derogatory, blasphemous phone message,
Now it turns out that this is considerably more money than these ferries actually make,
It's very difficult for me to make a judgement on that - it's a day-to-day proposition really, isn't it
If (Toll chief Paul) Little isn't prepared to face us in the boardroom, we have no option but to meet him in court,
Now he's being given the opportunity to buy back effective control (of Virgin) at 1.40 aud (a share), so it is an extraordinarily wonderful situation for him. I hope he hasn't danced on my grave prematurely.
Toll has negotiated for itself a 20-year contract which gives it exclusive rights to all of the freight carried by Pacific National in Queensland,
well into an investment cycle that should lead to long-term consistent growth from a stable of high quality strategic businesses.
I worry about those people (Toll) being in charge of 10 billion (combined) company,
I suspect it might be a while getting a suitable candidate.
I've got a very poor opinion as it turns out now, because we've been stitched up in the transaction in relation to Pacific National, which has really broken down the trust that I would have in a business partner,
I'm talking about business ethics here,
We don't need to dilute, or as some people say pollute, by merging our business with a road freight-forwarding business,
If you look at Toll as a business, it's a primarily a road-based, freight forwarding business,
Everything we have learned about Toll in the last seven months has confirmed our belief that Toll has lower quality assets and a higher risk earnings profile.
Far from being a serious bid to build an Asian-Pacific colossus, the bid is a crude maneuver to stop Patrick competing with Toll in Australia. Patrick doesn't need Toll.
Toll have effectively negotiated with themselves a transaction which is not in line with the board approval that was given,