Shareholders approve Toll deal

Toll Group and the Australian Stock Exchange have announced that the Australian logistics heavyweight's shareholders have voted in favour of the acquisition deal offered for the company by Japan Post Co, Ltd.

A total of 95.88 per cent of shareholders voted in favour of the deal, as did 99.72 per cent of votes cast for the resolution.

On February 18 Toll Group announced that Japan Post had offered a cash payment of $9.04 per share for the logistics specialist – a 49 per cent premium on Toll's closing price at the time – in a deal amounting to a total value of $6.5 billion.

Japan Post has set its sights on becoming a major player in the global logistics sector, with the acquisition of Toll key to realising those ambitions.

"We are delighted to recommend to shareholders that Toll joins with Japan Post," Toll Chairman Ray Horsburgh said at the time.

"Japan Post is one of the world's leading postal and logistics companies and Toll is the largest independent logistics group in the Asia Pacific. Together, this will be a very powerful combination and one of the world's top five logistics companies."

Following the majority approval by shareholders of the deal, the 'Scheme of Arrangement' will now be assessed by the Supreme Court of Victoria on Thursday, May 14. Once granted the court's approval the acquisition may proceed, with Toll estimating a completion date of early June.