Macquarie drops its late bid

MACQUARIE Bank will no longer proceed with a proposed bid for Patrick Corporation following the withdrawal of one of the takeover consortium’s key members. Linfox, Macquarie Bank and Singaporean logistic group PSA had teamed up for a $6.3 billion offer for Patrick just weeks after Paul Little’s Toll had claimed victory, following a bitter eight-month takeover battle. The bank did not name any consortium parties or specify which party had withdrawn.

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