PRK... NO ONE screws with Corrigan!
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     holycow
Member
Username: holycow
Post Number: 2105
Registered: 08-2004Rating: N/A
Votes: 0
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| | Friday, November 18, 2005 - 11:27 am: |  
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... including Little and Branson! you dig?
Thursday November 17, 8:16 PM
UPDATE 2-Australia's Toll may withdraw Patrick bid
(Rewrites with Toll statement on offer breach)
SYDNEY, Nov 17 (Reuters) - Australia's Toll Holdings Ltd. (ASX: TOL.ax) said it may withdraw a A$4.7 billion ($3.4 million) bid for Patrick Corp Ltd. (ASX: PRK.ax) , calling a special dividend unveiled by the ports operator an unacceptable spoiling tactic.
Patrick announced the payout with its annual results on Thursday, promising 24 cents a share, backed by a surprise A$262 million return of cash to shareholders by its 62.4 percent-owned airline Virgin Blue Holdings Ltd. (ASX: VBA.ax) on Wednesday.
"We reserve our rights to withdraw the bid," a Toll spokesman said after the stock market closed with Patrick shares at a premium of about 7.5 percent to the Toll offer price.
A Toll statement said it reserved all its rights under its offer, including "the right to seek appropriate orders from the Takeovers Panel that the special dividend is a frustrating action which constitutes unacceptable circumstances."
Toll, Australia's largest land transport group said Patrick's special dividend "breaches the conditions of Toll's takeover bid for Patrick Corp."
Toll said that under the terms of its bid, it would in any case reduce its offer by 32 cents a share, representing Patrick's 24 cent special dividend and its 8 cent per share final dividend.
Patrick earlier reported a 3.5 percent fall in annual net profit before one-off items to A$181.8 million on a weaker profit from Virgin Blue, which suffered higher fuel costs.
Patrick had flagged the full-year result last month and made profit forecasts for 2006 and 2007 in response to Toll's offer -- of 0.4 of its owns shares, 75 cents in cash, and a 0.3 dividend of Virgin Blue shares for each Patrick share.
That offer valued Patrick at A$6.74 per share at the close of trade on Thursday. Patrick said last month a report it commissioned valued its shares at A$7.75 to A$8.31 each.
Patrick stock gained 1.3 percent to A$7.25, while Toll closed down 1 percent at A$13.56.
Virgin Blue closed 3.9 percent higher at A$1.89 after it announced it would return A$262 million in cash to shareholders in its first ever dividend, and after analysts raised their earnings forecasts on an improving average fare yield. ($1=A$1.37)
HC
"... if you've got a chart, I have an opinion!"
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