Far from being a serious bid to build an Asian-Pacific colossus, the bid is a crude maneuver to stop Patrick competing with Toll in Australia. Patrick doesn't need Toll.
The Toll bid was ill-conceived from the outset. It has been a failure of both strategy and execution.
The Toll bid is an act of desperation,
The bid is ill-conceived, poorly structured and offers Patrick shareholders a diluted interest in the high-quality businesses Toll wants.