To secure a Patrick board endorsement there may be one final bump to the bid on behalf of Toll. Patrick directors are more likely to recommend the current bid albeit maybe with a small sweetener.

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.

Our bid for Patrick is now full steam ahead.

I bid you a fond and affectionate farewell,

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