Toll Holdings Limited (ASX: TOL), the Australia-based $6.5 billion logistics provider, is expected to cease trading on the Australian Securities Exchange later this week following an investor meeting on Wednesday.
Investors will have their say regarding the company's proposed sale to Japan Post which was announced to the market in February.
At the time, Japan Post bid an incredible $9.04 per Toll Holdings share, which represented a premium of 49% over Toll's previous closing price of $6.08. The Japanese buyer has the intention to expand its operations throughout Asia.
Given that the shares are currently trading at $9 each, it is clear that investors are confident the transaction will be approved on Wednesday. The Fairfax press is also reporting that an approval is likely with early proxies understood to have indicated their strong support.
Should investors approve the deal, Toll Holdings will then seek confirmation from the Supreme Court of Victoria on Thursday which, if confirmed, will become effective as of that day. Shareholders are then expected to receive payment by Thursday 28 May, 2015.