18 Feb 2015
AUD/JPY M&A flows: Japan Post in takeover talks with Toll Holdings
FXStreet (Bali) - Japan Post is in takeover talks with Toll Holdings, with the Australian-based company having received a takeover approach on Tuesday night.
The announcement is expected as early as this week. According to Bloomberg, "investors in Toll will receive A$9.04 in cash for each of their shares, the Melbourne-based company said in a statement Wednesday. That’s a 49 percent premium to Toll’s closing share price Tuesday and would be the biggest overseas takeover of an Australian listed company since SABMiller Plc bought Foster’s Group Ltd. for $13.1 billion in 2011."
“No one was expecting a bid and if they were they weren’t expecting that sort of magnitude. If you’re a shareholder today you’re going to be fairly speechless", said Chris Weston, Strategist at IG, quoted by Bloomberg. Traders should be watching for upside M&A activity in AUD/JPY given that the deal is due to materialize fairly soon.
The announcement is expected as early as this week. According to Bloomberg, "investors in Toll will receive A$9.04 in cash for each of their shares, the Melbourne-based company said in a statement Wednesday. That’s a 49 percent premium to Toll’s closing share price Tuesday and would be the biggest overseas takeover of an Australian listed company since SABMiller Plc bought Foster’s Group Ltd. for $13.1 billion in 2011."
“No one was expecting a bid and if they were they weren’t expecting that sort of magnitude. If you’re a shareholder today you’re going to be fairly speechless", said Chris Weston, Strategist at IG, quoted by Bloomberg. Traders should be watching for upside M&A activity in AUD/JPY given that the deal is due to materialize fairly soon.