Tranz Rail response to withdrawal of Rail America
Tranz Rail response to withdrawal of Rail America offer
Auckland - New Zealand. Tranz Rail Holdings Ltd [NZSE:TRH].
Tranz Rail Board Chairman Wayne Walden says the withdrawal of the offer by Rail America is disappointing, as it was a potential option for Shareholders, however the bid was always highly conditional.
"The withdrawal is not surprising given the rise in Tranz Rail's share price. The bid did not look likely to succeed at the price indicated.
Tranz Rail has always made it clear we were continuing with
our programme of asset sales and that will roll on as well
as refinancing plans to ensure the value is there for our
current shareholders," says Mr Walden.