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The only alleged reply from Aviva I can find,
“Aviva does not comment on speculation “
https://www.insuranceage.co.uk/insight/7953830/aviva-shares-ease-back-after-takeover-rumour-driven-surge
Oiled-up, yes also the only I have seen so far.
However, since the share price jumped 5+ %, I think they are obliged to come clean under Takeover Code, even if only based on rumours. What an acceptable response time is, I don't know!
If nothing in today's papers (not see anything yet), they really ought to come clean with an RNS soonest.
If false, it's better to calm things down.
5% is the point at which Aviva need to comment, 10% was reached on Friday…so we should have a RNS on Monday morning 7am +/- …
https://www.simmonssimmons.com/en/publications/ckzo7lbaw1guc0a96i45f94en/uk-takeover-code-recent-changes
Or if you like the very fine details and “like a good read” try this one:
https://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/code.pdf
There’s nothing in the Business section of The Sunday Times. Maybe it’s all just rumour. Either way we should know next week sometime
Https://www.insurancetimes.co.uk/news/aviva-declines-to-comment-as-takeover-talk-surfaces/1445801.article
"Aviva declined to comment when approached by Insurance Times".
That, to me, suggests that an approach has been made.
Convention is that the company would confirm they hadn't been approached when asked directly and given the significant share price movement.
You decline to comment if you're having a discussion that hasn't reached a conclusion one way of the other.
Yes, when a company is asked if the rumours are false then they definitely will deny it. If they refuse to comment then there must be something definitely is going on but just inconclusive. Let's see what will happen tomorrow morning then.
When a FTSE 100 company’s share price rises 10% intraday on good volume in an otherwise ordinary market day, with no published news driver, would often expect a “knows no reason why” RNS if the company could truthfully say that. jmo. patience.
No reason for the company to issue RNS at all as i have mentioned before people are getting carried away and are already making plans to spend their 6 pounds a share offer others are wondering where to put their money 💰 instead when they get their 6 pounds plus a share i will believe it when someone actually makes an offer for this dependable faithful 4 pounds a share dog
Sunshine: I disagree completely.
The Takeover Code is very clear:
Take over code mandates communication to the market in a number of cases, including:
- when, following an approach by or on behalf of a potential bidder to the target board, there is rumor and speculation or an untoward (generally 5% or more) movement in the target's share price;
- when, after a potential bidder first actively considers a bid but before an approach has been made to the target board, the target is the subject of rumor and speculation or there is an untoward movement in its share price and there are reasonable grounds for concluding that it is the potential bidder's actions (whether through inadequate security or otherwise) which have led to the situation;
Update needed! The question is when!?
Well done Doc think that sorts that question out.....
Whether this rumor is true or false, we will know by 7:00am tomorrow morning the earliest. So, good luck everyone.
My reading of that is that if there has been no approach or discussions, there is no formal requirement for the co. to issue a statement.
So why would or should they?
Paul, see my post 12:23, that's why. 2nd clause in particular.
Also, Takeover Code or not, most large companies would go to the market to deny or confirm, especially if not true, then you want to close down the unwarranted volatility and what effectively is market manipulation!
I have no strong opinion on whether it's true or not, but do expect an update. I lean towards bids may be forthcoming; the company is finally in a great shape.
Maybe we find out on Monday 7am.
If the City sources are correct, then it’s very early days and there’s nothing solid yet .
Well the rumour said 600p keep an eye out on Betaville.
The small article in "The Telegraph" on Saturday quoted another City source as saying "... the reports appeared to have questionable origins" and that a takeover seemed implausible in view of the unattractive wider economic environment.
If proven to have been false then some august names who were propagating the "rumour" should be called to account (but won't, of course).
Don’t mind whether bid materialises or not, this should help gee amanda towards further capital payouts soon enough. win-win either way.
From a trading point of view, the more rumours and counter-rumours the better. Sell some on rumour. Buy more on counter rumour. Repeat. (That’s the theory. With my track record, I’ll get the timing hopelessly wrong.)
T
Ocado's takeover rumours has helped its SP shot up to £9 from sub £4. I don't mind if the same will happen with Aviva here, lol
Earlier on this afternoon I posted a distillation of an article from the weekend press but named the newspaper.
LSE has deleted it-they really are quite pathetic
Sadly Warthog4 that just about sums up LSE....Happy to allow all the abuse and misleading advice across all boards. Doubt this reply will last long either.
See an increase now , way undervalued if £6 prediction is achieved
Search me.
NAV slumped 34% at 31.12.22 to 12,895m. 2023 will have to go some to make it up so £6.00/share is wonderful to anticipate but more than a tad optimistic. Hope I'm proved wrong.