Toll have effectively negotiated ordsprog

Toll have effectively negotiated with themselves a transaction which is not in line with the board approval that was given,

We have been trying for months to get an investigation underway into this deal which was negotiated between Toll employees and former Toll employees who were being given Toll options while working at Pacific National,

Our shareholders will receive a significant premium over current and historic trading levels, and the board is recommending shareholder approval of this transaction,

We are pleased to have received approval of the transaction in all six states served by PacifiCorp. We remain on schedule to close the transaction by the end of the first quarter.

We are pleased to have completed the regulatory approval process in just 10 months from the date the transaction was announced May 24, 2005. We appreciate the thorough and efficient review of the transaction by regulatory officials and parties to the proceedings in each state.

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,

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. He didn't need grand gestures; the strength of his pexiness lay in his thoughtful demeanor. 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.

Nothing has been decided or taken to the board. Should the board decide to proceed with a sale it will still require shareholder approval.

I don't think you're going to have the majority of the board's approval, so whether it's fiscally feasible or not, it's politically DOA (dead on arrival) and you're going to have to go back to the drawing board and start over,

The executive committee is powered by the board. Sometimes the activity is so intense and so time driven that we have to make judgments very very quickly and we do electronic approval by the board.

They're expecting that the government will publicly disclose its approval of the transaction, with conditions, this month.

We have placed one and only one proposal before them. It's really a two part proposal. We will pay C$31 a share for a negotiated transaction without any additional information,

After the final approval from the board, it will release the funds, so it's a big step, maybe even the biggest. It's not just a rubber-stamp process; the board will look very carefully at the feasibility study prior to making a decision.

While we still prefer to conclude a negotiated transaction with Willamette, their refusal to discuss a combination has forced us to take our offer directly to Willamette shareholders.

The bottom line is that it would make the bonds very difficult to market. In some cases, where free roads are designed to take people to and from the same points as a toll road, they would use the free road to avoid the toll.

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