It would be more valuable to Patrick and Toll shareholders if (chief executive) Paul Little focused on an orderly break-up of Pacific National which is now deteriorating daily.

If (Toll chief Paul) Little isn't prepared to face us in the boardroom, we have no option but to meet him in court,

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.

The bid is ill-conceived, poorly structured and offers Patrick shareholders a diluted interest in the high-quality businesses Toll wants.

Originally Toll wanted to buy that through Pacific National,

Unfortunately, Toll did not apply the same standards