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As you say, must be getting closer; but I am increasingly thinking this will see a simple rejection. If so, could be buying opportunities in SAA and ADVT.
A much shorter extension period this time. Must finally be getting close to whatever ADVT’s revised proposal is.
...to close of play on Tuesday 10 May. Offer still not recommended, or made formal. Notes decline in ADVT share price means there is a substantial undervaluing of SAA (191p) in the current offer. This is not going to be easy!!!
I think SAA management may take c220 if it is in cash, and they are well provided for. Seats on the ADVT board for all and free wine gums will see this through. I would not be disappointed in that, and have taken a few ADVT just in case. There has to be a fundraise of some sort there, but at what price and how will be interesting.
ADVT below cash and well below NAV now. One possibility for the weakness is that the ADVT is looking to place to raise funds to make an offer to buy SAA outright.
Given that the SAA board stated previously that the 230p equivalent undervalues the company, I imagine they’ll be looking for something like 250p.
The talks have lasted a long time without breaking down, so you’d think there must be a decent chance that a further proposal which the SAA board is happy with is just around the corner.
SFOR no longer have the wherewithall to carry that through. It is the ADVT deal or nothing now, I think. The end of the month will tell. A bid at 220 would be very nice, provided we get the bulk in cash. ADVT is down to 75p now, almost 25% down since the bid issue was initially raised.
Looks like SFOR might be interested in SAA according to the Times:
"Inside the crisis at Sir Martin Sorrell's S4 Capital with @annafmenin. Includes that before the recent slump he was circling stricken M&C Saatchi, founded by his old colleagues"
https://twitter.com/jamienimmo63/status/1510538392412598273?s=21&t=mBKvETLcbYR4eKK9n3Gzrw
https://www.lse.co.uk/rns/ADVT/readmission-and-publication-of-prospectus-uyyn13grsmaclnh.html
That’s my thoughts aswell.
I see this- how AdvT intends to ensure the retention and appropriate incentivisation of M&C Saatchi's key management and employees; as a kind of ‘what’s in it for us?’
Either way I kinda see this as kinda win/win
We either get bought out for more than £2.30
Or
It falls through the s.p likely dips
(Iv got 1st buy order at 150 just in case)
And we wait for results which we know are good
Maybe I’m naïve or stupid but we’ll find out soon enough
Directors are saying that the price is less of a problem than the proposed strategy. Maybe underlying this is how much the current management will get bunged,
“However, the Independent Directors believe that it is in the best interests of all stakeholders in M&C Saatchi to continue to engage constructively in discussions with AdvT.”
Would be good if they could explain this a bit further. Why exactly do they think it’s in the best interests of all stakeholders?
You don’t continue discussions for such a long time if there is little or no merit to them, given that those discussions will take up valuable company time and money.
Extension to 28 April.
SAA directors continue to see the offer as undervaluing the company, and have doubts over the proposed strategy. Personally, I cannot see an improved offer being made.
Cutting it fine. Could be yet another extension.
Would be good to get it concluded one way or another.
The deadline for ADVT is 1700 Thursday. Interesting times ahead!
I’m disappointed too, I can’t make up my mind what to do until I see the full year results whenever that is going to be!
I will admit that I’m disappointed by this. If SAA were the company I thought they were, they’d have told Vin and ADvT to take a hike. IMO there is absolutely no way of integrating these two companies without significantly reducing the sum of the parts.
However, it means that I will have a clear exit strategy: if the bid is approved by the SAA board I’ll be accepting the offer & selling out since it will require a price in the region of c.£3 per share, which is where I thought SAA would be in a year or two. If the offer is rejected, I will hold for the LT
GL all & dyor
PUSU deadline extended to 31 March 2022.
I’m hoping that the offer will be rejected as I believe the company is well on the road to recovery.
We have to hear something tomorrow.....either extension, rejection or acceptance or revised bid
Hopefully we get the results soon ....i expect they held off as they were still takeover talks ongoing
Im curious what folks on here want to happen ....deal or no deal ?
Im under some time pressure so 240 with 50p as cash probably ok for me .....anyone got any thoughts
PUSU deadline is tomorrow. Perhaps an extension ca be had. This is perhaps not a good sign.
Decent results from WPP:
https://www.londonstockexchange.com/news-article/WPP/2021-preliminary-results/15340951
Hopefully some read across here, but given wider events a fall is inevitable.
They promised a return to divided payments so the results, when they eventually come, should be positive.
I haven't seen any mention of results either. the timetable has been skewed by all the inevitable delays, and there was no mention of results in the January update.
Deafening silence on the takeover deal. I would love to see full year results before deciding what the actual value of our shares should be.
Has anyone heard any rumours here? Has gone very quiet! PUSU deadline is 3 March.