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Tranz Rail response to latest Toll Holdings offer


Tranz Rail response to latest Toll Holdings offer

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

The board of Tranz Rail today confirmed they had received a renewed take-over offer from Toll Holdings.

Board chairman Wayne Walden said the key point he would like to make to shareholders is that the previous Toll offer and the Target Company Statement (dated 7 July) sent out by Tranz Rail have been overtaken by these latest events and therefore are no longer relevant to the current circumstances.

"This is an entirely new take-over offer and so all previous communication on past offers should be ignored.

"The board of Tranz Rail will now consider this offer and have asked Grant Samuel & Associates to carry out a new appraisal on this latest bid.

"Once that report is received, which will be later this month then the company will communicate with shareholders.

"The Tranz Rail board will then make a recommendation focused on the best interest of the company and shareholders," said Mr Walden.

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