The Board of Toll Holdings announced that it has entered into a scheme implementation deed with Japan Post under which it is proposed that Japan Post will acquire all of the Toll shares by way of a scheme of arrangement. The transaction will deliver Toll shareholders $9.04 per share and is expected to have a total value of approximately AU$6.49bn. Japan Post has acquired Toll with a view to become a leading global logistics player.
Following the deal Toll will be run as a division within Japan Post and will retain the Toll name. Toll management will remain in place with CEO Brian Kruger reporting to Japan Post’s CEO Toru Takahashi.
Toll’s Chairman Ray Horsburgh said, “We are delighted to recommend to shareholders that Toll joins with Japan Post. Japan Post is one of the world’s leading postal and logistics companies and Toll is the largest independent logistics group in the Asia Pacific. Together, this will be a very powerful combination and one of the world’s top five logistics companies.”
The Board of Toll has unanimously recommended that Toll’s shareholders vote in favour of the scheme at the shareholder meeting, in the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Toll’s shareholders.
More to follow.
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