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That trade was at 11.40 just not reported till after end of day.
a million pound sale oops ..is that good for tomorrowc
I wouldn't have thought ABC would make noise about another 5p to be honest. Maybe raising the TO price to 45-50p might tempt them. Would you want to lose AA for the sake of another £60-£100 million? If they get ABC on side they will get it through as everyone is now looking at ABC and will follow them. IMHO
OK it just confirms tha Bidco has 15.5% in the bag as it stands but by issuing this % I am sure they are hoping it sways others to sell at 35p and I guess they will try to up-date the market if and when they get a higher % of the holding, but I think it also shows that this is NOT going to be as easy as they thought with ABC voting it down.
I think they have shown their hand here and they must have a fall back position and bid 38p -40p to get this away.
Does this look like Bidco are expecting another higher bid and are making it clear that DK will sell their shares to Bidco anyway or are Bidco expecting to pay more than 35p to stop another higher bid ?
Now getting very interesting.
Reads to me like DK are selling at 35p to BidCo even if a higher bid comes in but open to being corrected....seems a little ambiguous to me. 38p still on the cards I believe
if I read this correctly ,has agreed by letter to back the sale with bidco under certain terms. but this seems a odd?
" DK Irrevocable will continue to be binding if a higher competing offer is made for the AA, and will only cease to be binding in the following circumstances"
What is going on here with
Davidson Kempner European Partners?
Is there any concrete information out on the takeover? Is ABC stopping it as they have a 25% share? Can I vote against the deal as a shareholder?
Great call there Lloydiee69. What you read in ADVFN can really be taken with a pinch of salt
Let’s hope you are right!
rumours of a meeting atm with bod pe and abc ....rns tomorrow i reckon with a upgraded offer of 40 p
Down she goes by the head for now, 30p by end of week then bounce up so top up it’s a no brainier , trouble in paradise
Get ready for more drama, the deals off, too cheap.
They easily can. There are plenty of lenders out there and the AA is making increasing profits (what was it - 100% increase on profits last report?)
- People will say they can't refinance. No...they can.
- People will say this bid process has somehow meant they have no time to refinance because they were too focused on the bid. Rubbish. CFO's and he finance team do this, or, employ professional financiers to do this for them for money at this scale.
That's what I thought! They should be in a good position to do so as it's two years away yet.
They can, don't listen to anybody who says otherwise.
Why can't the AA re finance?
After holding for 4 month with an average price of 26p sold today not the profit i thought 8 weeks ago but still a profit.
Might come back in later
Yes that's more like it !!!
Let's see the sp now go up.
Reported in the Times today, that AB thinks the above is the start price
I’m not as learned as many on here, but as a ‘first pass’ it would have enabled Bidco to hoover up a decent wedge at 33p to 34p which, should they need to, and want to, chip in more, then their av cost might work out where they want it to be.
At the EOTD, summit is only worth what sumbody is willing to pay. Thing is, we don’t know that, so we have to make a call along the way. Whist I took my profit, I am interested to watch it all play out. It’s a bit like buying a secondhand car, you can always try a lowball offers and work up
Taverham, this was always likely when the PE didn't have the backing of the largest holder. You made a decision rightly or wrongly. I wouldn't lose any sleep as you are never going to get it right all the time. This is still a very dangerous situation but I expect ABC to get more out of the PE.
Tav - you may be aware that the advisers to the AA are Evercore, who were also the advisers to Flybe responsible for the devious plan to force the sale of the company at undervalue, by first selling the business without the need for shareholder approval, having changed Flybe's listing from premium to standard. I wouldn't be surprised if Evercore have a similar dirty trick up their sleeve to force the sale of the AA for 35p, hence my wariness (plus the fact that there doesn't appear to be very much upside).
I flogged nearly all my shares , read the telegraph article and am still not sure whether that was a good or bad decision. I still have scars from flybe bidders ganging up with the bod [and promises of job for ceo] against shareholder interests so I don't trust directors without huge shareholdings anymore.