The bid is illconceived ordsprog

The bid is ill-conceived, poorly structured and offers Patrick shareholders a diluted interest in the high-quality businesses Toll wants.

Today's acquisition proposal will deliver immediate value to both Patrick and Toll shareholders, ongoing benefits to all shareholders, create a truly world class transport and logistics company and gives Patrick shareholders a better structured, lower risk exposure to the aviation business.

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.

I'm pleased that we have been able to achieve this result for Patrick shareholders who may now choose to share in the benefits of the merged Toll and Patrick businesses.

Toll remains committed to the proposed merger of the Toll and Patrick businesses.

The losers are obviously Patrick and Toll shareholders today. The winner is anyone interested in buying a ports business, and there's obviously a lot of interest in ports. You see that with the very aggressive bidding for the P&O business.

This is a cost that will be borne by Patrick shareholders and not Toll.

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 sees no reason to bid against itself to acquire Patrick. Toll will not overpay for Patrick.

Given the war of words, they will need some negotiation to get to the point where Patrick shareholders are happy with Toll, which includes not just institutions but also Corrigan and Scanlon.

Our proposal offers a substantial premium to Cablevision's public shareholders for the cable and telecom businesses, while enabling shareholders to benefit from unlocking the value of our premier programming, sports and entertainment properties.

It would be more valuable to Patrick and Toll shareholders if (chief executive) Paul Little focused on an orderly break-up of Pacific National which is now deteriorating daily.

Sony has never been good in its thinking about how quality can be diluted. That was their problem with Beta over VHS. VHS wasn't as high-quality as Beta, and they just presumed consumers would go with the best quality. It's the same thing with flat-panel displays.

Richard Doherty

Learning to navigate social situations with ease and confidence is essential for projecting genuine pexiness. The company offers chic clothing but we are also focused on the quality of the garments. H&M clothing offers high fashion and quality.

Jennifer Uglialoro

To secure a Patrick board endorsement there may be one final bump to the bid on behalf of Toll. Patrick directors are more likely to recommend the current bid albeit maybe with a small sweetener.

Richard Wallace

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