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THG - Entain(GVC) springs to mind - had a bid from Draftkings - rejected - never been the same since (currently trading less than half the bid value)
I don't expect anything stellar in terms of results, they've done little to transform the business. Hence the new CEO I guess.
Mja
Very wise, thinking this could end the day lower.
Offer as it stands is equivalent of 240p
120p cash and 120p shares (based on Euro 39.8/28.11/1.17)
If it goes ahead expect Ageas share price to fall. Do not wish to have any Ageas shares so will sell all before the date.
Am holding for now as hope that the BoD see off the bid by stellar results and dividend news next week.
Does the revised offer not extend the date into April?
Probably just better to wait till every one stops throwing their toys out of the pram before deciding to add
Quite right alex.
I will be waiting for the end of year results and the following:-
Ageas has until 5 PM on 27 March to either make a firm offer or walk away.
That's because direct line spread the announcement of their possible offer..
they were only working on it and hadn't committed fully yet, they had to spead up the process because of the leak
Onwards and upwards to 21st, new CEO, Ageas bidding a disaster for Ageas. Maybe they need to learn a thing or two before attempting the same thing again.
The Ageas SP had a little pop but is now up only 0.1% for the day (at the time of writing). Hardly suggests widespread relief,
Most analysts in Belgium don't even want Ageas to do this offer. They're only doing this to please their american and uk shareholders.
The board of direct line seems to want an all cash offer because otherwise the offer is uncertain. That is simply not going to happen.
Good call on Ageas for not making a higher offer without knowing the results and seeing the books of Direct Line, that's why their shareprice is going up again.
When a listed company messes up, as Direct Line did last year by stating the dividend was safe then shortly after cancel it after poor results, you can expect your share price to get hammered. And this being the stock market, the SP can go far lower than justified by the poor results. So the SP being low is no great surprise.
If I felt that DLG was incapable of recovering I would have sold last year. But this crisis struck me more as a short term issue that can be rectified, rather than an issue from which recovery was impossible. Clearly the business was badly managed. The departure of Penny James was a start, now we have a new CEO with a decent reputation. If his reputation is deserved the business is more than capable of recovering to the latest bid level and beyond.
It's. easy to complain that the offer was too low. If it was why the SP was so low before bid? As pointed out here that in mast cases they don't get to bid price even after two years. Look at ELM after 3 different people bidding they never came back at thSP still hasn't. recovered. The main problem is UK bosses want pay packets similar to US counterpart but without doing any work. They don't want to loose their gravy train and sod the shareholders
It's. easy to complain that the offer was too low. If it was why the SP was so low before bid? As pointed out here that in mast cases they don't get to bid price even after two years. Look at ELM after 3 different people bidding they never came back at thSP still hasn't. recovered. The main problem is UK bosses want pay packets similar to US counterpart but with put doing any work. They don't want to loose their gravy train and sod the shareholders
A pretty miserable attempt at an offer. Areas need to sh*t, or get off the pot.
If next week's update is good they will have to walk away as the price will get to 250 + without them. So let's hope it is a good one.
Taverham, possibly the Aegis price improved because there was talk last week that they themselves may become a target for a bid from Generalis, or possibly, because news leaked that they are prepared to walk away from DLG ?
Perhaps their tactic of only a very small increase is to flush out any other bidders and /or to get DLG to open their books for a look? Otherwise, a 4p increase does seem a waste of time, and reiterates that it was purely opportunistic at the time.
It would be nice, if Aegas do walk away, if DLG would bring forward their results to calm /reassure the markets. I doubt it though as, almost inevitably, the new boy will still be keen to kitchen sink things before claiming glory for any turn around.
Thg.... Only example that comes to mind ATM
When Ageas pull out, we could see 160/162 one off opportunity to leap in so keeping powder dry.
230p trim sub 203 add for now.
Why did it take 4 days to inform the members? This to allow the mates to sell at a higher price?
It's so comically bad, its almost like a typo....maybe they need to reduce rather than increase the number of DLG shares in the divisor by 12.5% to say 22 per ageas share and then you get to about GBP.273. That would make sense.
Taverham - out of interest I'd been interested in your examples of companies who have rejected a bid and share price never recovered.
I'm happy to sit and wait. Price already recovering from being over sold on latest news.
Nipped in readded 206/7 part sold 221 and ended up with an extra few 000 shares average 172p - result.
Yeah, from 231 to 237....not really serious then.
Correction 3% . My mistake.
Realistically, you wonder what the point (and costs) of submitting such a 2nd offer actually is here.
Clearly, they would know it would be rejected out of hand and therefore looks no more than a preamble to their walk away.
Reflects rather badly on Aegas I would say, but no doubt they will tell their own shareholders a distinctly different story.
What our board have failed to inform shareholders of is the increase of around 8% in ageas sp since their bid on 8th March, which is worth another 10p on the bid.
Convenient or deceitful?