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Hi xxxA
That's a cracking Gazette..what time did you receive it today ref Currys...can a retired old git apply for it or do you have to be a top banana in business doubtless like your good self
Agree with you wholeheartedly on those big buys !
Must be other interested parties
Multiple very large buys this afternoon, certainly not retail investors
Https://www.retailgazette.co.uk/blog/2024/03/jd-com-rejects-currys/
Once they have full access to the books they walk away... Don't blame them!
Perhaps another bidder has already approached - what's up with Reckitt?
Depends who it is? sell or buy?
Delighted that shareholders and board still in control and the trader that is CURY continues to thrive.
Yes, I suspected they were just messing about. :) Curry's is holding up well at the moment, though I don't expect that to continue either, so i'm staying out for now and still holding other badly timed share purchases that I would like a refund on also if possible.
The problem in a bear market and with an economy that has operating on accumulating debt and low interest rates and not healthy profitability is that whatever price one pays, Zero is still a looming possibility and will be reality for many listed company shareholders.
Wow Mary
Bought to Order ..what do you think about that ?
That toothbrush will have to wait then.
No surprise really.
Share price in auction and wouldnt surprise me if this hits a new low of all time
Jd walked away possibily makeing a bid for superdry ??
RNs out, JD pulled out!
?
If we go 1 quid, I might pop down to Currys and buy that electric toothbrush I've been eyeing up for a while. That would be nice.
I reckon it has to be around the 90p mark and I also agree if they were going to walk away, or weren't prepared to pay more than Elliot's offer, we'd have heard shortly after Elliot walked.
What we do know is than JD want to expand into the EU and UK
The asset value of CURRYs s £1.82BN
worth about 150-175p share
My thoughts
If JD make an offer they will pitch it around 90-100p to stop others entering the race
Or if someone does arrive they will have to go over 100p forcing jD to try 120p to rebuff them.
Its all about Game Theory.
If nothing happens then CURRYs can roll on to 150p by itself.
Methinks if JD were going to walk away, they would have done it by now. Haggling probably still going on with big shareholders over price. BoD are bystanders.
We'll soon see..
Simply because the board (or at least some the main shareholders) are asking for way much more than Elliott, and maybe JD.com, are prepared to pay. In which case it would be time to move on for both.
None of us knows even knows whether it was just a semi-punt from JD.com and it may not even have spent any time on the matter, especially after the response to Elliott.
I guess it's not much of a punishment, but it would be kindof shooting itself in the foot if it did a load of work to determine a suitable price, then for some reason walked away without saying "I'm not interested at this time" and the allowing another like Elliot to swoop in and leverage their work to make the same offer.
I just don't see why they'd not say "not at this time, thanks".
What reasons would they have to take themselves out the game for half a year?
Source:
https://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/code.pdf
Swanley - your partial quoting is (presumably accidentally) misleading. You are missing this key paragraph at the end of both Rules 2.7 and 2.8:
“Failure to comply with this Rule may lead to the period of six months referred to above being extended.”
That means that JD.com is not FORCED to say it is walking away if it’s not interested anymore. If it remains silent, it may be only be penalised by possibly having to wait for longer than 6 months to make a formal bid. Not much of a punishment, wouldn’t you say?…
Lejb, not correct - see below taken from the RNS on 19th Feb:
In accordance with Rule 2.6(a) of the Code, JD.com is required, by not later than 5.00 p.m. on 18 March 2024, to either announce a firm intention to make an offer for Currys in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
Possible offer announcement
Although a possible offer announcement does not commit a bidder to make an offer, it will trigger an automatic 28 day period in which the potential bidder must either announce a firm intention to make an offer in accordance with Rule 2.7 or publicly withdraw its interest (known as the "put up or shut up" deadline). This deadline can be extended, but only at the request of the target company and with the consent of the Panel.
The "put up or shut put" deadline will not apply, or will cease to apply, to a potential bidder if another bidder has already announced, or subsequently announces, a firm intention to make an offer for the target company.
If, at or before the expiry of the "put up or shut up" period, the bidder withdraws its interest, it will normally be prevented from making an offer for the target company for six months.
Download the PDF version of this guide for a flowchart which will help companies and advisers work with the "put up or shut up" regime.
Bidders should also be aware that if they include within a possible offer announcement specific terms on which an offer may be made (e.g. by stating that, if an offer is made, it would be for a price in excess of a certain level or be all cash), then the bidder is likely to be held to those terms if it does proceed to make an offer.
No intention to bid
An announcement that a person does not intend to make an offer for a company will trigger certain restrictions under the City Code for a period of six months. These include a restriction on announcing an offer or possible offer for the target company. The restrictions apply to the person making the no intention to bid statement and any person who acted in concert with them.
hTTps://www.burges-salmon.com/news-and-insight/publications/guide-to-public-takeovers-in-the-uk
Actually, JD.com does not need to make a statement if it decides not to buy Curry’s.