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.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>


GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>


Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>


Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>