Shareholders of transport group Toll Holdings, which started in 1888 hauling coal with a horse and cart at Newcastle, NSW, have overwhelmingly voted to accept a $6.5 billion takeover offer from Japan Post.
The $9.04 per share bid, about 49% more than Toll’s closing price when the offer was made in February, was accepted at a meeting of shareholders.
Japan Post is seeking international expansion because its local market has shrunk with a declining population and a growing reliance on the internet for communication.
The offer price represents a market capitalisation of almost $6.5 billion.
Toll will be run as a division within Japan Post, will retain its name and the current CEO, Brian Kruger, will report to Japan Post CEO Toru Takahashi.