Media Release
28 September 2000
Toll’s Offer for Finemore to close on 6th October 2000
Toll Holdings announced
today that its takeover offer for the shares of Finemore Holdings Limited will
close as previously advised at 7.00pm AEST on Friday, 6th October
2000.
Toll currently has received
acceptances for approximately 57% of Finemore shares.
Toll’s offer remains
subject to a number of conditions, including that Toll receives acceptances in
respect of 90% of Finemore shares, enabling it to proceed to compulsory
acquisition of all outstanding Finemore shares.
A Finemore shareholder,
Linfox Limited, has a relevant interest in more than 10% of Finemore shares.
Toll has had discussions with Linfox in an effort to clarify Linfox’s
intentions with respect to Toll’s offer.
Toll has today been advised by Linfox that it currently does not intend
to accept the offer.
If Toll does not receive
acceptances in respect of 90% of Finemore shares by 7.00pm AEST on Friday, 6th
October 2000, its takeover offer will lapse and all acceptances will be void.
Paul Little, Toll’s
Managing Director stated “We believe our offer is fair and reasonable for all
Finemore shareholders. However if we are unable to control 100% of Finemore, and
extract full synergies for the benefit of Toll shareholders, we will not
complete the acquisition.”
Toll is continuing to focus
on a number of privatisation and acquisition opportunities and is pleased with
the progress being made on a number of fronts in relation to these.
Toll will lodge a formal
Supplementary Bidder’s Statement and a notice of the status of conditions
which incorporates the above information with ASIC and ASX as soon as
practicable.
ends
For further information
contact:
Toll Holdings
Paul Little, Managing
Director
61 3 9694-2820
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