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Tranz Rail receives bids for Tranz Link

Tranz Rail receives bids for Tranz Link

Auckland, New Zealand-Tranz Rail Holdings [NZX: TRH]

Tranz Rail today confirmed that the company has received two bids for its trucking operation, Tranz Link.

Board Chairman Wayne Walden says that the bids will be considered at a Board meeting to be held later this week.

Mr Walden also welcomes a decision today by the Takeovers Panel that it will take no further action on a complaint lodged by Toll Holdings last week about the Tranz Link asset sale process.

Toll Holdings had sought to stop Tranz Rail from continuing with the sale of Tranz Link while it was in the process of a take over offer for the entire company. The Takeovers Panel considered that there was insufficient evidence to conclude that the asset sale would frustrate the proposed takeover offer of Toll Holdings.

Mr Walden welcomed this decision as it allows Tranz Rail to carry on with its asset sale programme, which is important for the company and shareholders.

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