Takeovers Panel consents to withdrawal of Toll offer for Tranz Rail

07 July 2003

The Takeovers Panel today consented, under rule 26(1) of the Takeovers Code, to the withdrawal by Toll Group (NZ) Limited of its takeover offer for Tranz Rail Holdings Limited dated 23 June 2003.

The Panel's consent was given after receiving advice from Toll that Tranz Rail had not satisfied condition 6.1.4 of Toll's offer and that Toll had decided not to waive the condition. The Panel also noted that Tranz Rail's target company statement did not include the statement required by condition 6.1.4.