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If it’s anything like my experience of the AA takeover
they offered 40% more above share price ie yesterday end of day price 75 pence ish + 40 %
= £1.05
Hope it’s higher than that , otherwise on yer bike !
Stocko has EV of £ 2.11 billion ie market cap + net debt.
Not sure it's comparable in anyway to Gamestop YoYo, with respect. Marston's are likely to do well, with or without a buyout once the pandemic is done. They have survived and they will pick up market share from those who ain't. I think Platinum's behaviour is clearly opportunistic but they aren't buying Debenhams. They are going to have to pay if they want the pub chain and they may have competition.
Bloomberg article is here. You'll have to copy and paste.
https://www.msn.com/en-us/money/companies/uk-pub-owner-marston-e2-80-99s-receives-platinum-takeover-approach/ar-BB1dcSbX
£2.2 billion is the net 'enterprise' value! Sorry- not the net book value. Don't know how they work it out. 1,400 pubs? The brand for their own brews? The £780 mill joint venture and the value implications of this when it is applied over several years?
But Platinum does seem to get their hand in their pocket quite nice and deep for takeovers.
Bloomberg seems to think that the city think some-one else might want it. Who knows. Quite exciting really. I hope a big UK firm fight it out for us. Did Greene King end up getting fought over in a bidding war? Already had 2 UK pub chain buyouts in the last few years. This article also reminds us that Greene King went for over $4 billion.
Thats a lot of money considering the value worth is just 540m (Market Cap) so be interesting to see where the other money is. Personally I think there is a strategic game going on as this comes weeks after the SA Brains deal and I am sure they (MARS) would of done before this came to light, also it's unsolicited (could be a pump and dump like Gamestop)
Tricky where is the net book value of £2.5billion?
I don't think they will wait that long. I give it anything from 3-9 days depending on how the offer is received and how generous it is. As has been observed earlier Bloomberg say we'll get over £2 billion. Their last acquisition was for more than that. They have money. Marston's has a book value of at least £2.5 billion.
We'll soon see. I think we will get between £1.30 and £1.50 at the lower range. But could be higher. They want to make sure the board recommend it.
Business Desk must be wrong Davey?
If your information is correct a suspension is likely.
well said
this is why our once great proud uk has in modern times been infiltrated and even controlled by them.....what is even british these days is getting less and less
look at energy companies as virtually all are foreign whether in england or scotland.....airports too....spanish banks taking over our better part of our banks but british taxpayer saddled with the debts
our corrupt politicians on ALL parties have screwed our country
china has infiltrated most of western world whether technology (Huawei, ZOOM, telecoms etc), our universities, compromising our politicians etc
Platinum have until close of play on the 26 February to make a formal offer - will be interesting few weeks
Sam the decision is in the hands of Instituional investors. A simple majority will give ordinary PI's little say and even then those who have bought in at below 75p and there will be a hell of a lot, seeing a 40%+ gain will accept.
Private Equity Investors rarely allow existing holders to retain a share...there are mechanism thye will employ, once the bid is approved, to take your shares with no choice.
The BOD have the offer which is being considered. Likely the number will be released after the market closes today.
Sorry I have been and seen it before and there is nothing a PI can do about it.
A company needs a broad share holder base. Those that dip in and out as prices rise and fall. The long term holders for the dividend. This is better for everyone staff, shareholders and customers. These private equity pirates need to be far more tightly controlled and the Board should send them packing as should shareholders should matters come to a vote. In this respect those whose shares are held by a corporate nominee need to have an individual vote.
You may not have a choice. If more than 75% accept the offer you will be forced to sell. Just look at WMH. If the offer is anywhere north of £1 anyone who bought in the last few months is going to vote yes.
Personally I don't see the need to sell so hope the board tell them it undervalues the business and go away.
I was a shareholder at Greene King. Although I made a very good profit on the takeover, I would rather it not have fallen into foreign ownership.
With Marstons even though it has increased in price greatly since my 29p purchase in May, I would rather the share price reach 130p without another foreign takeover
If they buy the company, of course there will be no dividends. They'll own it lock, stock and barrel!
Pleased that Marstons with this approach will start to rise in value and start to recover. However, the thought of what an American hedge fund would do with a significant amount of the British brewery industry in its hands terrifies me. I have seen what they have done to other businesses making the lives of employees hell and breweries like Ringwood that I love deserve better. I will not be selling to them..... and we can forget future dividends if they do get hold of Marstons
"Including the company’s debt load, Marston’s has an enterprise value of about 2.2 billion pounds, according to data compiled by Bloomberg." I read that as taking account of the debt..? The market is obviously taking a view that no-one is going to be paying too far over the current SP to acquire Marstons
Longtime - so by that calculation our true worth per share net of debt is circa £1.60? Taking into account I’d want a discount if I was the buyer an offer of Say £1.30 per share would still seem a reasonable price to pay on that basis.
I appreciate there’s a whole bunch of what if and ambiguity at this stage but I’m surprised the sp Hasn’t settled closer to the 97 pence it hit earlier than the 87 pence it is currently.
Enterprise value minus debt is about £1 Billion.
Current market cap at 87p is about £540 million .
I hope you are well Barchid and that the silence on the BB has been golden. I did read SuperDischarger post during the week but I thought I'd be much better outside lumping pig gold than to respond to his drip fed wheelie bin swill.
Bet you are glad now you didn't sell up at the strong advice from our senior moments class of 50p.... I guess the Tinder Class of '20 are now too busy finding other BB's to spread the good word of Drivel.
Have a good weekend all and all the very best in whatever happens next in this up and down romance.
I might top up when it drops to 25/50p weren't those the words of a few ha!
fairdealer, YoYoMa & Darkarches
Dark made a wonderful comment today about supercharger & his reverse Newton effect, I suspect that the man(?) who always claimed we were a step or two behind may conveniently forget that he cleared out at under 50p, possible proof that a Tesla causes dementia ? His lack of presence on this board has certainly raised the level of debate and talking of missing our "Tinder member" seems to have left us alone recently, probably she's too busy on Reddit ?
Happy days eh !
Hi any one know if this has been shorted by a large amount ?
The existing shareholding for Mars seems quite broadly based (which makes it hard for any bidder to do a "back room deal" with one or two major shareholders):
Hargreaves Lansdown Stockbrokers Ltd. 45,292,000 7.14%
Norges Bank Investment Management 15,690,000 2.47%
The Vanguard Group, Inc. 15,460,937 2.44%
M&G Investment Management Ltd. 15,024,000 2.37%
Hargreaves Lansdown Asset Management Ltd. 13,952,000 2.20%
NFU Mutual Investment Services Ltd. 13,361,627 2.11%
Sanford DeLand Asset Management Ltd. 12,419,000 1.96%
BlackRock Fund Advisors 12,144,000 1.92%
State Street Global Advisors, Australia, Ltd. 12,089,000 1.91%
Capital Research & Management Co. (Global Investors) 9,291,379 1.47%
For many long term holders, an opportunistic bid at these levels will be a disaster.