Manufacturing Industry
Australian group Patrick gains control of Virgin Blue
Airline Industry Information, March 22, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Australian transport group Patrick Corp has said that it has gained a 50.26% majority share in Australian budget airline Virgin Blue.
Patrick has offered Virgin Blue shareholders AUD1.90 a share and under takeover rules its offer to shareholders will be automatically extended to 1 April.
Independent directors of Virgin Blue have called on shareholders to reject Patrick's bid, saying the AUD1.90 per share offer price was too low.
The airline's other major shareholder is Richard Branson's Virgin Group, which holds a 25.5% stake.
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