I reckon it was about 2005 - API/Sigma announced merger discussions. The ACC canned the move. Since then, DHL came in, CH2, Nationals (State based), CHS (owned by Sigma) - ACCC may argue there is sufficient competition to now allow a merger/takeover.
It might even make sense to take some cost out of the Supply Chain overall and allow something like this. Who would be the suitor and who the junior partner. Neither appear to be going great?
Takeover target?, page-7
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