Business Services Industry
Virgin succumbs to Patrick.(Virgin Blue Airlines)(Brief Article)
Australasian Business Intelligence, March, 2005 by Andrusiak, Kevin
Mar 20, 2005 (The Australian - ABIX via COMTEX)
Australian logistics company, Patrick Corporation, has gained control of Australian airline, Virgin Blue. Patrick owned 45.4 per cent of Virgin and made a $A1.1 billion offer to minority shareholders. Patrick has gained 50.26 per cent of Virgin. The offer is open until 1 April 2005. It is thought that hedge funds own between 10 per cent and 15 per cent, so Patrick may gain over 60 per cent of Virgin. Patrick will now have control of the board and will be able to change the strategic direction of the airline.
Publication Date: 19 March 2005
VIRGIN BLUE HOLDINGS LIMITED - ASX
VBA:
VIRGIN BLUE AIRLINES PTY LTD:
PATRICK CORPORATION LIMITED - ASX
PRK:...
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