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


Tranz Rail Board recommends revised Toll Offer

Tranz Rail Board unanimously recommends revised Toll Offer

Auckland, New Zealand -Tranz Rail Holdings Limited {NZX: TRH}

The board of Tranz Rail have today unanimously recommended that shareholders accept the new Toll Group (NZ) Limited offer of $1.10 per ordinary share for the following reasons:

a) The Toll offer represents a value for Tranz Rail greater than the underlying valuation of Tranz Rail set out in the Grant Samuel Report of 25 July 2003.

b) At $1.10, the Toll offer is at the upper end of the Grant Samuel Valuation for the Tranz Rail agreement with the Crown. When compared to that agreement, the Toll offer represents greater certainty of value for shareholders.

c) The directors have diligently sought to encourage competing offers for shareholders to consider and none have emerged.

Those directors who currently hold Tranz Rail shares have also indicated that they will accept the Toll Group (NZ) Limited offer for their entire shareholding.

"Tranz Rail Board Chairman Wayne Walden said that the directors had worked hard to encourage a superior offer than the original $0.95 per ordinary share and they were pleased with this mornings announcement from Toll that the original offer has increased.

"This is a good outcome for all concerned," Mr Walden said.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news