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The bidders better up their bids to grab the prize before the BoD complete the turnaround.
£1 bid party 🥳.
Very strong position now. As you say it’s all coming together
Plan coming to fruition.
Completing April.
In the near term, it is the Board's intention to use proceeds to reduce net debt and the Group expects to finish the year with a healthy net cash balance
It’s a matter of when and at what price not if.. hopefully the staff and brand are protected.
Lots of buys after market closes.Looks like something is about to happen
Yeah they're clearly trying to persuade the BoD to accept that offer so they can profit to the tune of c. 50% assuming a buy-in price of 62p and t hen move on to the next thing. They couldn't care less about what actually happens to Currys.
Beagles & Lowen
The pair said their range reflected "some pragmatism", as they could rotate the value received into other "very cheap" stocks.
What cheek !
I read this with incredulity - only rational conclusion is that JO Hambro are aware of a higher bid and want their funds out but the BoD are stiffing the sharesholders and are trying to force their hand.
If JD. have already tabled a bid, then shareholders need to know. It does not read as if Hambro are issuing their wishlist but rather the £1bn bid is already tabled.
Let's see visibility on this.
If it is just Hambro posturing then they are cheeky monkeys.
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JO Hambro fund urges Currys to accept £1bn takeover valuation
(Sharecast News) - A shareholder of Currys was urging the company to seriously consider a takeover bid valuing the electricals retailer at over £1bn, it emerged on Tuesday.
The JOHCM UK Equity Income Fund, which holds just over 4.4% of Currys, said an offer of between 80p to 100p per share would be reasonable, according to City AM.
It came after the Currys board rejected a £700m takeover offer from activist investor Elliott Investment Management in February, before also turning down a second bid worth about £750m.
At the time of the initial offer, Currys defended its decision by describing it as undervaluing the company.
City AM said that on Tuesday, Clive Beagles and James Lowen, senior fund managers of the JOHCM fund, claimed an acceptable offer for Currys should fall within the 80p to 100p range.
"This compares to an undisturbed share price of 47p, which would be close to a 100% premium," the said in a joint statement.
"At 90p, the market cap would be around £1bn - regular readers may recall our 2023 recommendation for the board to sell two divisions.
"One, the Greek business, was sold for £175m at the end of last year; we value the other, ID Mobile, at £350m."
Beagles and Lowen said that before the bid, the market capitalisation only reflected the value of those two businesses.
"However, Curry's core business, with leadership positions in both online and offline markets across the Nordics and the UK, generates approximately £9.5bn in sales.
"This clearly shows the absurdity of UK stock market valuations, which we have discussed extensively in these reports over the last two years.
"Our normalised earnings per share for Currys is 12p, suggesting an exit PE of 8x at the top end of the range."
The pair said their range reflected "some pragmatism", as they could rotate the value received into other "very cheap" stocks.
"As we await the outcome, we have placed a portfolio construction cap of 200 basis points on our position size, which meant we trimmed the position slightly."
Under Takeover Panel rules, Elliott Investment Management had until close of business on 16 March to make a formal offer for Currys, or withdraw from the process.
At 1614 GMT, shares in Currys were flat at 66.05p.
Reporting by Josh White for Sharecast.com.
10 days to go for Elliotts, 13 for JD.com. Hope to see things move over the course of the next week:
https://www.cityam.com/this-clearly-shows-the-absurdity-of-uk-stock-market-valuations-currys-urged-to-accept-offer-that-values-it-at-over-1bn/
I know Chinese very well, they will never pay the fair price for anything, very stubborn when negotiating. They were in discussions with Currys from last year as reported by BBC and I guess were dragging their feet hence the Elliot offer to out them. If JD don't offer, there is chance for this could go private. Makes sense as a strategy, specially when JD missed on buying German retailor, if Currys also goes, they will loose the battle with Alibaba and Temu. Having said that, I don't expect anything over 80p, the final offer could be around 77p.
From what I've seen from Chinese negotiators they like protracted and painful to bore you in to submission, I wouldn't be surprised to see their first offer being below Elliotts last, still expect 80-100p and that's too cheap. Anything less is robbery, better to wait it out as we are.
Yeah, agreed, they're basically declaring their interests which I'm guessing is a pre-requisite to formalising an offer.
I like that JD.com is carefully and steadily progressing this. Feels like they're taking their time and are serious about the offer which must be imminently about to drop.
It seems that way.... first time they have released a ''Form 8 (OPD) - Currys plc'' after Form 8 (OPD) from JD.com the day before... News should be out over the weekend I would guess!!
Come on, who's gonna say it "I wouldn't want to be out of this stock over the weekend"?
Could this be the weekend that we see currys accept a sensible offer.
Institutions ramping up their long positions today. Good to see.
I can see your point.. realistically 80p plus and I think it’s imminent
The company will not sell for £1.00 or £1.20 a share, the only offer on the table was for £0.62 a share, even if a bidding war broke out, no one is going to pay anywhere near your estimation, it’s simply not realistic.
Buying is really strong with some big buys.This company is certainly going to be taken out at a price significantly higher than today's price.I think it will most probably be sold at between £1 to £1.20 which is still lower than it was trading just over a year ago and really depends how much it is worth to its suiters.In my view it is a trophy company that has much potential.
What's this RNS that snuck in at 17:01? Form 8 Public Opening Position from JD.com? Disclosing 419 derivatives.. I'm guessing this means that their bid is incoming now they've declared their existing interests. Bring it on.
I see direct line received an offer for there bussiness. Am beginning to think it mite be a good idea to own uk stock incase another UK firm gets snapped up.
Can’t see shares reaching £1.56 am selling anything above .83p this gives me 50% profit don’t want to be too greedy.
Press are anticipating another offer coming in and also JD even without an offer have been put on a time frame. They also talk about the main mistake Curry's made was to close down a number of Airport shops I wonder if Elliot (Waterstones) have these already in place to link up on sales? They also talk about Amazon being its main rival so I wonder of they may come in here to join the party? Interesting. These share were well over £1.56 (April 21) so a long way to go yet for me to get excited. GLA.
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I'm looking at ITV good divi cover at 1.9
Peaky yes I agree I've made good money on this jump so take your profits and look for another deal.
I really don't know why people get so tied up thinking 70 80 90 is coming thing is they probably down o their trade well I'm afraid that's life.
But I'm out.