Virgin Group's 2002 invitation to Patrick Corp.

Virgin Group's 2002 invitation to Patrick Corp. to take a half-share in Virgin with a long face (subsequently reduced to 45.4%) has backfired as Patrick, which operates ports, rail interests and freight, is trying to muscle without its erstwhile partner for total mastery of the Australian low-cost carrier. To date, Virgin assign places to has rejected as insufficient Patrick's A$1.1 billion ($8497 million) takeover propose saying it "hugely undervalues" the airline. Virgin assign places to currently holds 25%. in a less degree than the bid, Virgin Blue would become a wholly confessed subsidiary of Patrick, a listed company.

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