Macquarie Bank ends interest in Patrick
Toll Holdings Ltd.’s path to takeover Australian ports and airport operator Patrick Corp. has cleared after Macquarie Bank decided against a rival bid when one of its consortium members got cold feet.
“As a result of a key consortium member withdrawing its commitment overnight to the consortium being arranged by Macquarie Bank, the bank is no longer proceeding with its proposed scheme of arrangement in relation to Patrick,” Macquarie Bank said in a statement to the Australian Stock Exchange
Speculation is rife that Singapore state-owned global terminal operator PSA International was the company to withdraw from Macquarie’s consortium after Toll initiated legal action against Patrick’s Chairman Peter Scanlon and Chris Corrigan, managing director, for “their role in soliciting the Macquarie proposal for a scheme of arrangement to acquire control of Patrick.”
Toll’s offer of A$3 ($2.32) cash, plus 0.4 Toll shares for each Patrick share held, is scheduled to close May 12.
“We urge Patrick shareholders to accept Toll’s offer now. There is no alternative offer,” said Paul Little, Toll’s managing director. “Toll is ready to integrate Toll, Patrick, and SembLog to create a leading, global scale logistics business focused on Asia, operating in 17 countries.”
Toll has ended its legal proceedings against Scanlon and Corrigan after the two executive agreed to sell their interests in Patrick to Toll.