Australian freight group Toll Holdings Limited has succeeded in gaining majority control of Hong Kong-based forwarder BALtrans Holdings Limited after its wholly-owned subsidiary Toll (BVI) Limited (Toll) received acceptances for 56.5 per cent of the issued shares.
The offers by Toll for BALtrans – which value the latter at A$365 million (US$314 million).
"The acquisition of BALtrans will strengthen the global freight forwarding network for the Toll group and is a key element of our Asian growth strategy," said Toll Holdings managing director Paul Little.
Toll is offering HK$7.60 per BALtrans share – 46.7 per cent above the average closing price of BALtrans shares for the 12 months immediately prior to and including 14 December 2007, the last trading day prior to the announcement of the offers – increasing to HK$7.75 per share if the compulsory acquisition condition under the terms of its offers is satisfied.
Toll has pursued an aggressive expansion policy in Southeast Asia and China through the purchase of Singapore-based Sembawang Kimtrans and SembCorp Logisitics and more recently BALtrans.