If you look at Toll as a business, it's a primarily a road-based, freight forwarding business,

We don't need to dilute, or as some people say pollute, by merging our business with a road freight-forwarding business,

Toll has negotiated for itself a 20-year contract which gives it exclusive rights to all of the freight carried by Pacific National in Queensland,

The Board strongly believes that, based on this offer, Patrick shareholders are better off without Toll in the medium and long term. Patrick has far superior businesses and significantly greater growth prospects relative to Toll.

Originally Toll wanted to buy that through Pacific National,

Unfortunately, Toll did not apply the same standards