Paul little, the former long-serving CEO of Toll Holdings, is likely to join the ranks of Australia’s billionaires when the $6.5 billion takeover of the transport group is completed by Japan Post.
Little, the fifth largest shareholder and the largest individual investor in the transport group, will walk away with an estimated $325 million from the deal.
He already is worth about $800 million, most of it in property. The latest payout will take him close to a net worth of $1 billion, depending on the value of his property at the time. He’ll also get Toll dividends of $0.13 per share fully franked interim before the deal closes.
“It is quite an emotional sale for me and my thoughts are with the staff. Their future is assured,” he told The Australian newspaper today.
“What needs to be acknowledged is that this is an Australian company being brought by an Asian company for the skill sets that are within the business. That is a real vindication in my opinion of what the company set out to do.”
The current chairman of Essendon Football Club spent 26 years at Toll building the company. When he left in 2012 he kept his shares.
He has now has 5.03% of the company, according to the latest company annual report, with 36,039,091 shares.
The Japan Post offer is $9.04 per share, about 49% more than Toll’s closing price $6.08 yesterday.
Post the takeover announcement, the shares are trading 47% higher to $8.94.