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Toll gets FIRB go-ahead for takeover

The Toll Group has welcomed the notification by the Foreign Investment Review Board (FIRB) that the Australian Government has no objections in terms of its foreign investment policy to Japan Post Co Ltd’s proposed acquisition of 100% of Toll via a ‘Scheme of Arrangement’.

The FIRB approval is one of the key regulatory approvals required. The process for achieving other approvals is underway and will be reported to the ASX in due course.

“We are pleased that Japan Post’s bid has gained FIRB approval. The offer is compelling for Toll’s shareholders and this is an exciting time for Toll and its employees,” said Toll chairman Ray Horsburgh.

“While there are still a number of approvals to obtain, including the vote by our shareholders at an EGM in May, we look forward to a successful and speedy conclusion to the transaction. In the meantime, it is business as usual for Toll as we focus on delivering for our customers.” seo analysis

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