Shares in Australia's newest transport conglomerate Patrick Corp rocketed to a new intra-day high of $17 yesterday after the company agreed.
Shares in Virgin Blue Holdings have jumped almost 14 per cent after ports company Patrick Corp Ltd announced a $ billion takeover offer.
Patrick Corporation Ltd was an Australian publicly listed logistics conglomerate. Headed by CEO Chris Corrigan before it was absorbed by Toll Holdings in , Patrick had interests in shipping, rail and aviation, including a 62% shareholding in airline Virgin Blue.
Low cost airline, Virgin Blue, is the subject of a full takeover bid from its major shareholder, Patrick Corporation.
Manoeuvring continues as Patrick Corporation, Virgin Blue's largest shareholder, bids for control of the Australian low-cost airline. Patrick.