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Article: Patrick flies low for rest of Virgin Blue.(Virgin Blue Airlines, Patrick Corp.)(Brief Article)
- Article from:
- Australasian Business Intelligence
- Article date:
- January 30, 2005
- Author:
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 Daily Telegraph - ABIX via COMTEX)
Australian-listed Patrick Corporation has launched a takeover bid for Virgin Blue. Patrick is offering $A1.90 per share, compared with the airline's closing price of $A1.80 on 27 January 2005. Virgin Blue shares closed at $A2.08 on 28 January, following news of the bid. Patrick owns 45.4 per cent of Virgin Blue, and some analysts suggest that it is merely seeking to obtain over 50 per cent of the airline. Brent Mitchell of Shaw Stockbroking has described the off-market bid as "opportunistic", and does not believe that Patrick will pursue full ownership of Virgin Blue.
Publication Date: 29 January 2005