Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Exclusive Negotiations For The Sale Of Freightways

14 May 2002

AUSDOC Exclusive Negotiations For The Sale Of Freightways

Freightways Express Limited (Freightways) today announced that its parent company, AUSDOC Group Limited (AUSDOC) has entered into exclusive negotiations with a party interested in acquiring all the ordinary shares in Freightways.

The party granted exclusivity has conducted due diligence in relation to Freightways as part of the sale process conducted by AUSDOC over the past few months and will have the opportunity to conduct confirmatory due diligence on Freightways, with a view to entering binding sale documentation by 29 May 2002.

Following discussions with the Australian Stock Exchange, AUSDOC considers that the approval of AUSDOC shareholders at a general meeting will be required, should a sale of Freightways proceed.

By entering into exclusive negotiations for the sale of Freightways, AUSDOC is able to pursue a break-up strategy in relation to Freightways, DX Express and GoMail. If this strategy is implemented, AUSDOC will comprise AUSDOC Information Management (AIM) and cash proceeds realised through the break-up. Subsequently, the company would seek to facilitate the sale of AIM through an offer to AUSDOC shareholders for their shares in AUSDOC.

AUSDOC is considering its options and continuing discussions in relation to its DX Express and GoMail businesses. AUSDOC is also continuing discussions in relation to the sale of AIM. Currently, AUSDOC is not in a position to provide any further information, but anticipates making further announcements in due course.

According to Chairman, Michael Butler, AUSDOC is pleased with the progress of the sale process to date. “The arrangements in relation to Freightways, other than set out in this announcement, are non-binding and confidential,” he said. As a result, we are unable to provide any further information in relation to the identity of the party involved or the terms of any possible transaction. However, we will continue to keep shareholders informed of developments in relation to the sale process.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news