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The Times today ....
https://www.thetimes.co.uk/article/restore-tells-marlowe-takeover-offer-is-not-good-enough-tmhlfzfk6
Marlowe will have to sweeten its offer for Restore, its fellow business services group, after the latter’s shareholders sided with their board and panned its £743 million bid.
Seven of Restore’s investors, including Octopus Investments, its biggest backer, have written to the board saying that they will not entertain the 530p-a-share takeover offer Marlowe is thinking of tabling.
Alongside Octopus, six other big shareholders, including Polar Capital, Slater Investments and Stellar Investments, have said that they would vote against the deal as it stands. Between them, the seven investors hold 33.3 per cent of the shares.
“We are delighted by this strong show of support from our shareholders,” Charles Bligh, chief executive of Restore, said.
I too rather arrived at the same conclusion - perhaps preparing for a hostile bid? Might flush out other parties, but more probably bring a few institutional investors to the table. No point in selling at the moment IMO. Sadly I am fully invested otherwise I am tempted to chuck a bit more into the ring.
I thought one of the RNS's showed they had acquired a 2% stake, might have misconstrued!
Thanks Matt. Where have you picked up that Marlowe are buying? Matt
Stock above £5 now, and I see that Marlowe is buying in the market. However, I think the bid is too cheap, and the cash component too low. Was hoping to see some other bidders come out of the woodwork but nothing as yet. I might start to reduce at c 520, and reinvest if bid fails and price retreats back into the 4's.
https://twitter.com/surprised_trade/status/1422481506052755456
RNS - Marlowe Proposal significantly undervalues Restore,- they've got to bid a lot, lot higher
Some chunky buys. Someone must have a `hunch`.
It would be tempting for me but I suspect the institutions will take less.
https://twitter.com/surprised_trade/status/1420842999878144002
Marlowe have bid 530p so far, all set for a higher bid if they want it, closer to 600p will be tempting....
Don’t forget that only 71p is cash. The rest is Marlowe shares. What are they worth?
If takeover is foregone conclusion there is some easy quick money to be made buying in at present SP .
Doesn’t seem to have affected the SP. Is the takeover a foregone conclusion?
there is indeed a lot to like...
https://twitter.com/surprised_trade/status/1419903986447044608
profit before tax up 56%, £71.1 million net of cash, Revenue of £106.1 million, up 19%, reinstated with interim dividend of 2.5p
Yes, we can expect a lot of positives on 27 july, makes my remarks re the share price even more weird!
Restore will announce its half year results on 27 July 2021.
In its Trading Update announced on 5 July 2021, Restore reported that trading continued to strengthen through the first half, with second quarter performance ahead of the Board's previous expectations.
This positive trend is evident across all of Restore's business units In addition, as a result of the strong first half performance and continued confidence in the Company's outlook, the Board confirmed its intention to reinstate its progressive dividend and pay an interim dividend in respect of the current financial year ending 31 December 2021.
The level of the interim dividend will be announced at Restore's half year results.
likely now Marlowe have gone public a higher offer will arrive at some point....game on ...