KEY POINTS:
Toll NZ's Australian parent, Toll Holdings, has mounted a full takeover for its 85 per cent owned New Zealand subsidiary.
Toll Holdings said today it had bought just over 10 per cent from New York-based Third Avenue Management LLC for $3 per share, and would offer the same to remaining stakeholders.
Toll NZ is the operator of the largest rail, road and ferry business in the country.
Today's offer values the company at $630 million, and triggers rules allowing for a compulsory takeover, meaning the company is now likely to go private.
It will cost the company just over $100 million to pick up the near-15 per cent it previously did not own.
Toll NZ shares were suspended this morning before the announcement. They lifted 5 per cent or 14c to $2.94 after trading resumed around 1.15pm.
- NZPA
