The Toll bid was ill-conceived from the outset. It has been a failure of both strategy and execution.

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

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

Toll can pay more, Richard Branson can pay more and the Virgin Blue in specie distribution can be monetised.