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Patrick Corp chief executive Chris Corrigan says the $4.6
billion takeover offer for his company by Toll Holdings is in
Mr Corrigan also said the break-up of Pacific National,
Patrick's joint rail operations with Toll, was "inevitable".
Last week Patrick rejected Toll's takeover offer as
Independent expert Lonergan Edwards had valued Patrick shares at
$7.75 to $8.31, well above the Toll offer of cash and scrip that
initially valued Patrick at $6.70.
Mr Corrigan said Patrick was not trying to choke the bid but
would not accept the current price.
"We are not trying to kill [the deal] off, we are simply trying
to illustrate the difference between the value of Patrick …
and Toll," Mr Corrigan told Channel Nine's Business
"I think, frankly, the Toll bid is in disarray, it is bogged
down and Toll are looking increasingly desperate to acquire
Patrick. The only way Toll can get out of this is to lift their bid
But Toll's managing director, Paul Little, said the bid would
not be raised. He blamed Patrick for the slip in Toll's share price
from around $14 at the end of last month to Friday's $11.92
"We wouldn't say the bid is sliding at all. The share price has
been under pressure mainly because of the dispute that has been
fuelled by Patrick in relation to Pacific National," Mr Little told
"We are working on trying to ensure that the value creation that
this bid puts together is fully understood by our shareholders and
The Pacific National joint venture has been caught up in the
Mr Corrigan said that if the dispute was not resolved, Pacific
National could be split up and sold.
But Mr Little said this would not happen. "Our view is that it
is a strong business and it shouldn't be and won't be split up," he
Patrick rose 1c on Friday to $6.66. Toll fell 14c to $11.92.
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