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

 


Failure To Deliver Agreement On Freightways

30 May 2002


Negotiations Fail To Deliver Agreement On Freightways Sale

Freightways Express Limited’s parent company, AUSDOC Group Limited (AUSDOC) (ASX:AUD), today announced that negotiations in relation to the sale of all the ordinary shares of Freightways Express Limited (Freightways) to a party (the Freightways Buyer) have failed to deliver an agreement that the AUSDOC Board believes is in the best interests of AUSDOC shareholders.

On 14 May 2002 AUSDOC announced that it had entered into exclusive negotiations with the Freightways Buyer in acquiring all the ordinary shares of Freightways. The Freightways Buyer’s right to conduct exclusive due diligence and to negotiate binding sale documentation with AUSDOC expired yesterday.

Freightways and AUSDOC Chairman, Michael Butler, says, “We are continuing discussions with another party with whom AUSDOC entered into exclusive negotiations in relation to a possible cash takeover offer for AUSDOC shares, as announced on 22 May 2002.

“Naturally, we are disappointed that negotiations in respect of the sale of Freightways have not yet reached a satisfactory conclusion. However, our discussions in relation to a cash takeover offer for AUSDOC shareholders are proceeding and we continue to pursue a course which we believe will best realise value for AUSDOC shareholders.”

-ends-

© 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>>

ALSO:

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>>

ALSO:

Results:

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>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news