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Well I was right on the button in my yesterday post apart from calling the offer at 140p when it was 130p. Oh Happy days
Sweet
But will Cinch or another come back with a counter offer?
Arghh! Sold at 118 re. First offer. Planned to buy back in after it fell through for the inevitable increased offer. It came quicker than I anticipated.
Hey ho!
This is excellent news and fully deserved
So it was not long in coming. Here we have an increased offer of 130pps which is a nice improvement on the 120pps previously offered. Personally I still think it is a little short but I will be happy to accept this amount if it goes through. I imagine there will be a good few hoping to buy in this morning but fear it might just be a tad too late. Continued good fortune to all those that have continued to hold. Regards S
The data we know does seem to suggest Constallation value the company at 140p to 150p. My sense is they now have time to raise more capital to buy it or would be fine at the higher take out price but not 120p. I wouldn’t be surprised if another offer has already been unofficially mooted at a higher price but the new people want more time. Either way anyone in at 109p or less will likely make 30 to 40% by Christmas, can’t get that at the bank. GLA - Let’s be patient and hang in there…
Bid Vote result tomorrow. Hopefully some news, or possibly Friday.
Could get interesting once the 120p is off the table.
Does everyone think Alpha Auto Group will just walk away after failing with 120?
If CInch are so enamoured in Lookers, why don’t they acquire it. But perhaps they don’t have the wonga?
Jedclampit - Yes in means the deal is dead in my honest opinion. Cinche bought the 20% stake as a blocking tactic as was reported in all the press over 18 months ago in an off book trade from former director Tony Bramley at 102p. They're now using their stake to block the deal which was always their intention right from the very start when they acquired their stake. Look at the amount of trades and the size of them after the bell on Friday. Hambro who gave an irrevocable undertaking for their stake are now all but out. For Cinche owners, it's better for them for it to stay under it's current ownership. I think another bid coming in, is just wishful thinking on the part of some. They should have done what Hambro did and start lobbing immediately!!!
Looks like a new deal is on the horizon.
But does this mean the deal is now dead ?
and the SP will fall back to 80's ish ???
This has been a no-brainer 'buy' this last couple of years.
I sold out at 119 - thinking the deal was done & dusted.
Cinch are obviously holding out for more cash.
Looks like it's a no-brainer 'buy' again.
I'm back in.
Whoever the person is that sat on this share at 119p for the last month and then sold for 99p this morning is an uncontested winner of the 'Moron of the Year 2023' competition.
Cinch are blocking as BCA auctions (same group) want the auction disposal cars from Lookers and rival bidder inbound gives them better chance of that IMO
I don't see it as bad news in any way. The only reason to have held this share post offer was the expectation of a higher bid.
Anyone happy with 120p could just take it.
Deenice - Many thanks for taking the time to post that link. Makes very good reading. When I submitted my votes with regards the takeover I rejected it as I think the current bid undervalues the company. Nice to see the share recovering - possibly in anticipation of a new bid!!! Rgds S
Unfortunately no surprise here, but I dot think this failure is all bad news. Possibility of a better bid , even from a fresh bidder is def possible, and it will be nearer the 132p-135p that we all know the business is worth . Hold tight!!
Can find no announcement from the Acquirer that they have withdrawn their offer, though clearly it has failed at the current price. Another 10p should do it.
The reason why acceptance has been so low is that many think the offer undervalues the company.
I agree with them.
Cinch hold 19.52% according to the latest RNS from LOOK
Latest update just posted on site>
Update on offer
Further to this morning's announcements that Cinch Holdco UK Limited ("Cinch") intends to vote against the Acquisition and that Lookers was re-engaging with other shareholders to understand whether the resolutions required to effect the Scheme of Arrangement in order to implement the Acquisition (the "Resolutions") are capable of being passed, the Lookers Directors now believe that shareholders representing in excess of 25% of the voting rights of the Company intend to vote against the Resolutions and therefore that the Resolutions are not capable of being passed.
Rgds S
This has been openly in news for over a month - they have been issuing regular updates on the acceptance level via Live RNS.
Acceptance is low because shareholders expect more.