(MENAFN) Japan Post's proposed USD6.5 billion takeover offer of logistics group Toll Holdings has taken a step forward after being approved by the Foreign Investment Review Board, the Financial Review reported.
Japan Post now needs to secure approval from Toll's shareholders to complete the takeover. A shareholder meeting to vote on the offer will be held in May.
According to analysts recommended that investors accept the bid of USD9.03 in cash, given its 53 percent premium to Toll's three-month volume weighted average price.
"The government welcomes foreign investment where it is not contrary to our national interest. Foreign investment has helped build Australia's economy and will continue to enhance the well-being of Australians," an official said in a statement.
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