Toll Holdings reconsidering bid for Patrick Corp
While the company did not reveal full details, it has been suggested that Toll will be bulking up its initial $4.6 billion offer with a higher cash component. The firm has given itself a further month to finalize the details of its new bid. Even if the revised bid is successful, Toll will still have to convince the Australian Competition and Consumer Commission (ACCC) that the acquisition would not harm competition. The ACCC has already rejected the bid once on antitrust grounds, and has begun legal action to prevent the acquisition moving forward.