Toll to move to 100 per cent of Toll NZ Limited
Toll Holdings Ltd, the Asian region’s leading provider of integrated logistics services, announced that it has signed an
agreement with major USA based fund manager Third Avenue Management LLC to acquire its approximately 10 per cent
interest in Toll NZ Limited.
Toll Managing Director, Mr Paul Little said that “by moving to 100 per cent Toll will be better able to structure its
group operations in New Zealand and grow the business more quickly.”
Toll has also lodged a takeover notice with Toll NZ Limited, in which Toll intends to move to compulsory acquisition of
100 per cent of the outstanding shares and to de-list the company from the New Zealand Stock Exchange. Toll currently
holds 84.2 per cent of Toll NZ Limited which was acquired in October 2003.
Toll has fixed a price of NZ$3.00 per share for the offer at a total cost of NZ$99 million, and will fund the offer from
existing cash resources.
“The acquisition is expected to be earnings per share positive from the outset and the new structure will enable early
integration of other Toll businesses and leave the company in a position to aggressively pursue acquisition growth
opportunities,” said Mr Little.
Mr Little also commented that “the offer is consistent with our strategy to rapidly grow our businesses within the Asian
region and structure our business to support that growth.”
Following the acquisition and subsequent de-listing Toll intends to pursue the opportunity to dual list its shares on
the New Zealand Stock Exchange.
Toll Holdings Ltd is being advised by Deutsche Bank.
ENDS