N328KF From United States of America, joined May 2004, 6484 posts, RR: 3 Posted (6 years 1 month 2 weeks 1 day 9 hours ago) and read 2654 times:
Brief fair use excerpt from The Wall Street Journal:
Quote: MELBOURNE -- Toll Holdings Ltd., Australia's largest logistics provider, said Monday it will sell down its stake in Virgin Blue Holdings Ltd. by paying investors a special dividend of one share in the discount carrier for each ordinary Toll share held.
Melbourne-based Toll scrapped plans three months ago to sell its stake in Australia's second-largest airline because the bids it received were too low. [...]
"Virgin Blue wasn't a natural fit for Toll ... the decision not to hold Virgin Blue was one that was well known and understood right from the time we inherited the 63% ownership of the business," Mr. Little said during a conference call Monday. [...]
Toll will distribute 648.1 million Virgin Blue shares and continue to hold about 11 million, or about 1% of the stock. Toll also will write down its investment by A$1.3 billion to reflect the 75% decline in Virgin Blue shares in the year to date.
Still, Toll could have "bitten the bullet 12 months ago because it did have offers on the table at that point but decided to hold out for more," [Campbell McComb] said.
So start the speculation...who could bid for DJ now? QF is right out, but what about NZ? Or maybe DJ would bid for NZ?