I'm pleased that we have been able to achieve this result for Patrick shareholders who may now choose to share in the benefits of the merged Toll and Patrick businesses.

Our customers have expressed interest in being able to choose renewable resources and I'm pleased that we will now be able to offer them that choice. Green Mountain Power's overall power mix is already low in fossil fuels, but under our new program, customers can choose 100 percent renewable resources. We've called the program 'Greener Mountain Power' to reflect that greener choice.

The Board strongly believes that, based on this offer, Patrick shareholders are better off without Toll in the medium and long term. Patrick has far superior businesses and significantly greater growth prospects relative to Toll.

It would be more valuable to Patrick and Toll shareholders if (chief executive) Paul Little focused on an orderly break-up of Pacific National which is now deteriorating daily.

All Patrick employees who went to Pacific National when the joint venture was formed in 2002 were required to resign from Patrick and did not receive further options from Patrick,

The bid is ill-conceived, poorly structured and offers Patrick shareholders a diluted interest in the high-quality businesses Toll wants.