Toll have effectively negotiated with themselves a transaction which is not in line with the board approval that was given,

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.

Unfortunately, Toll did not apply the same standards

Originally Toll wanted to buy that through Pacific National,

I've got a very poor opinion as it turns out now, because we've been stitched up in the transaction in relation to Pacific National, which has really broken down the trust that I would have in a business partner,

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