Withdrawal Of Toll Offer For Tranz Rail
Takeovers Panel Consents To Withdrawal Of Toll Offer For Tranz Rail
The Takeovers Panel today consented, under rule 26(1) of the Takeovers Code, to the withdrawal by Toll Group (NZ) Limited of its takeover offer for Tranz Rail Holdings Limited dated 23 June 2003.
The Panel’s consent
was given after receiving advice from Toll that Tranz Rail
had not satisfied condition 6.1.4 of Toll’s offer and that
Toll had decided not to waive the condition. The Panel also
noted that Tranz Rail’s target company statement did not
include the statement required by condition 6.1.4.