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Great post getsgrip
Poppy and the whole of the Managemnt could benefit from good “ Mentors “ in Usa as the whole firm moved on from ML in any form if buyout materialises …
Also we all know Sophos , Avast , Blur Prism are more valued in Usa …
The strong US dollar gives a 15 per cent discount as I mentioned before , and the markets are relatively low , so lots of upside just in currency and markets , plus higher Usa valuation in future
I think it would be very Hard for Poppy to refuse a good offer above 800 p or more …
Thanks NKOTB - I also missed saying that if the courtship is going well, TB and Dark can apply to extend the 28-day deadline & this can be agreed by the Takeover Panel on a discretionary basis.
getafgrip,
Thanks for that, sums up our position well as it stands, you stated "it cannot then make a renewed bid for Dark for a period of at least 6-months..." That is so, however, should another party also make an approach within that 6 month period then TB are free to do so once more should they feel the need.
aimo & dyor
The TB focus on Darktrace has obviously intensified in the last few weeks, but the company could easily have been on their radar or wish-list since the IPO last year. The IPO was obviously rushed, pricing of the issue was haphazard, badly advised & the year or so following has seemed to be one debacle following another, the tech bubble bursting in the States& manifesting itself from October 2021 washing over the Atlantic etc - much of it can be put down to Dark PR disasters as well.
Possibly, the intention to bid came on Monday the 15th August, because TB wanted to ensure first-mover advantage, they have quite a background in cyber-security so know the game well. They may consider that cyber technology is here to stay, and the currently fragmented market is ripe for consolidation. There are any amongst a 100 reasons why they have notified their intention of pouncing on Dark. They may have simply thought they could run Dark better than the current management, but aside from the progress of the brilliant core business, the Keystone Cops could have run the rest of the business with greater aplomb over the last year or so.
Without doubt there are a lot of interested parties regarding Dark & TB may even be acting as an opaque front for another interested party that they may intend to sell on to. TB may also be testing the Government's resolve to hang on to key Government Defence industries. No doubt the reasoning will become apparent at some point.
Once the 28-day bid period kicked off on Monday the 15th August, it signified that TB are a serious contender, being treated seriously by the Darktrace Board. Once this bid-period is entered, TB can then request more detailed financial and business-related information from Dark than is publicly available. Essentially, the two companies can explore whether they can work together harmoniously or whether any takeover would have to be hostile to stand any chance of success.
The 28-day bid-period is also designed to be of benefit to the target company, in this case Darktrace. Any bid approach will lead to fraught, frenzied and frenetic activity on the part of the target company, it is a difficult time for a multitude of reasons. The 28-day bid -period, defines when TB has to make or withdraw a bid, enabling Dark to simply get on with its day to day business with much less distraction.
If TB withdraws its bid at any point up to the 12th September, it cannot then make a renewed bid for Dark for a period of at least 6-months. Basically because at the point that they withdrew the bid, or it did not materialise, they are a party to a great deal of confidential information relating to Darktrace.
Your very welcome Didi. :-).
Seaking 1 - thank you for your response. I appreciate it.
GLA
That’s why TB would of spent the last 8 weeks or so carrying it out so that the can arrive at what they consider to be fair value for the company and the 8 weeks would not have been a nine to five each day . Usually up to 18 hrs a day .
Before, would you buy a second hand car without looking at it first. :-).
From expressing an interest to making an offer. I understand that TB has expressed an interest in the company. How does the process work from interest to bid? Once a company has expressed an interest, do they at this point carry out the due diligence or do they make a bid/offer then the due diligence.
Thank you
GLA