Patrick Corp rejects Toll's higher offer

SYDNEY - Patrick Corp, Australia's largest stevedore company, advised its shareholders on Monday to reject an increased bid from Toll Holdings, describing the offer as "flawed and unacceptable".

Toll revised last week its offer to 0.4 of its shares and A$1.90 ($2.23) a share in cash for each Patrick share, valuing Patrick at A$7.47 a share or A$5.2 billion on Monday.

- REUTERS