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On Sept. 29, Tranz Rail Holdings Ltd. announced John Loughlin will step down as acting chief financial officer and again serve the company as a non-executive director. Group Financial Controller Brian Fouhy will serve as interim CFO pending the outcome of the Toll Group Ltd.'s takeover bid, said Tranz Rail Chairman Wayne Walden in a prepared statement.

"John stepped into the role as acting chief financial officer in April on a temporary basis and the project work he has undertaken is largely completed," said Walden. "Also, the ownership of the company is becoming increasingly clear as the takeover bid from Toll Holdings gains momentum."

Earlier this month, Tranz Rail's board recommended that shareholders accept Toll Group's most recent takeover offer of $1.10 per ordinary share — a 15-cent increase from the firm's previous bid.

Under Toll's offer, the Australian logistics and transportation provider would operate New Zealand's 2,400-mile multi-modal freight transportation company, and the New Zealand government would regain ownership of Tranz Rail's track.

New Zealand would establish Crown corporation TrackCo to maintain and control the track; TrackCo would charge the Toll Group for track use.