Chris Corrigan Toll Quotations

Patrick regards its prospect for growth in freight forwarding as greatly superior to Toll given that Toll is already the dominant supplier in this market with no significant prospects for future growth.

We have been trying for months to get an investigation underway into this deal which was negotiated between Toll employees and former Toll employees who were being given Toll options while working at Pacific National,

Toll have effectively negotiated with themselves a transaction which is not in line with the board approval that was given,

Toll has negotiated for itself a 20-year contract which gives it exclusive rights to all of the freight carried by Pacific National in Queensland,

Toll can pay more, Richard Branson can pay more and the Virgin Blue in specie distribution can be monetised.

Unfortunately, Toll did not apply the same standards

Far from being a serious bid to build an Asian-Pacific colossus, the bid is a crude maneuver to stop Patrick competing with Toll in Australia. Patrick doesn't need Toll.

Everything we have learned about Toll in the last seven months has confirmed our belief that Toll has lower quality assets and a higher risk earnings profile.

The Toll bid was ill-conceived from the outset. It has been a failure of both strategy and execution.

The Toll bid is an act of desperation,

It would be more valuable to Patrick and Toll shareholders if (chief executive) Paul Little focused on an orderly break-up of Pacific National which is now deteriorating daily.

Originally Toll wanted to buy that through Pacific National,

The Board strongly believes that, based on this offer, Patrick shareholders are better off without Toll in the medium and long term. Patrick has far superior businesses and significantly greater growth prospects relative to Toll.

The bid is ill-conceived, poorly structured and offers Patrick shareholders a diluted interest in the high-quality businesses Toll wants.

I'm pleased that we have been able to achieve this result for Patrick shareholders who may now choose to share in the benefits of the merged Toll and Patrick businesses.

If you look at Toll as a business, it's a primarily a road-based, freight forwarding business,