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Article: Sniff the opportunity in this nosedive.(takeover bid for the Virgin Blue)(Brief Article)
- Article from:
- Australasian Business Intelligence
- Article date:
- January 30, 2005
CopyrightCOPYRIGHT 2005 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jan 30, 2005 (The Australian Financial Review - ABIX via COMTEX)
There has been a bold takeover bid for the budget Australian airline, Virgin Blue. Chris Corrigan, of Patrick Corporation, has offered to buy the stake in Virgin Blue that Patrick does not already own. Corrigan has offered some $A1.1 billion on behalf of Patrick in the hostile takeover bid. Corrigan is also the chairman of Virgin Blue. Corrigan is a man who likes buying investments "on the cheap". Virgin Blue's market value has fallen since it issued its second profit warning. It has suffered from high oil prices and rivalry from the budget carrier, Jetstar, which owned by Qantas. Corrigan did not consult ...