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It was 1st Nov 23 when the Company first advised of the Strategic Review and made this statment;
The Board of Equals Group plc ("Equals" or the "Company") (AIM: EQLS) notes the recent market speculation, and confirms that it is conducting a review of the Company's strategic options (the "Strategic Review"). As part of this process, the Company has contacted a limited number of potential counterparties including Fleetcor Europe Limited and Madison Dearborn Partners, LLC to assess whether such parties could put forward a proposal that would deliver greater value to Equals' shareholders than pursuing a standalone independent strategy. Any such proposal could include an offer for the entire issued and to be issued share capital of the Company.
So it is clear the we approached Fleetcor and Madison to basically see if they were interested in doing some kind of deal with us to release value. Most here will know how bullish IST and RC have been on the Companies prospects particulary wrt the European expansion. It seems very likely that our BOD were pushed by some of our biggest Institutional holders to do this strategic review and I believe unlikely to be an initiative our BOD would have wanted.
I guess given 'we' instigated the discussions with Madison (Fleetcor were not interested) then 'we' (EQLS) have to give the discussions every chance of succeeding. I would hope that our management team are cracking on with the Equals Money Europe work and that we get some detail (and hopefully increased numbers) on this early April. This is AIMHO and DYOR.
It’s about time they ditched these company trying to sell I wonder it management are being promises lucrative job and bonuses to keep falling for this long winded so called offer.They want to wake up if they wanted us they would. Made offer by know
After 5 months this is a somewhat distraction for the business, employees and the market…
Let’s hope after 5 months let’s hope they can offer direction, my concern is that we see another delay until year end is published…
Would be nice was thinking around 1.60-1.80 for an offer would be realistic but who knows
I think we will hear about bid this month thinking about 1.70 ish
Seems to be drifting down a bit at the moment. Results are still month away. So maybe good time to top up. In the mean time it's just a waiting game to see if a bid materialises.
I agree, this needs putting to bed now. I did look forward the updates and Ian doing his rounds. This is one company the you could rely on. Oh well not long no, hopefully it’s not extended again.
Or lack of is impacting the SP IMO. Sooner this is sorted one way or the other, the better
Not sure if the current situation is impacting the news flow.....any thoughts
Yes fresh. You timed your comment well as SP has picked up towards the close.
Be nice if we heard positive news soon
Seems to be all be bubbling along nicely , doesn’t it ? A few impatient investors. I get that .
No news is good news while they are doting the i’s and crossing the t’s ?
Think the current SP tells you there will be no BO. Personally not really bothered as long as we get traction in Europe, thats the real prize
Any dips on news will get bought. I will add for sure
The company must be interested otherwise there would be no extensions. That would suggest that there a significant variance in the asking price between the two parties. Not seen anything yet, confirming that the business plan was wholly approved by the Bank Of Belgium. That is a slight concern, would not stop white label activity but what about Solutions? I could be worrying over nothing. Hopefully the picture will be clearer by April.
If there is no bid u need to remember its a MM stock. Plenty of people long for the event. If they have spent 4/5 mths looking at the company then decide not to bid it won't be taken well. The move down will be bad and the move back up will take time coz people will think "well MDB didn't fancy it so why should I. These will be 80p. Don't get me wrong. I'm long and I'm preying it happens but if u think you'll only see a drop to 100p ur mad
In a way, I hope it does go through now. Customers and staff must have a bit of doubt about the future. Will it have an impact on new business/retaining and staff retention/hiring knowing that the board tried to sell but failed. Probably over thinking it. Anyway less than 20 days to the next decision deadline, or offer before then. Still a firm hold for me atm.
Maybe will get an offer once annual results come out in the new tax year. But seems to be priced as though no offer will materialise. So I feel like limited down side here in the meantime as SP isn't much different to where it was pre bid speculation
It’s been a few months now there’s only so much talking they can do before they either commit to an offer or. Walk away
I would like to think we would hear some info on takeover this month but it’s in the hand I’d god ,to be or not to be that is the question
I posted the following on another board over a month again but I still see it as being valid today (and have added additional remarks).
A typical take-over takes anything from 9-18 months. However, to be fair what we are waiting for is a confirmation to make an offer.
Given the fact that neither party is 'desperate' to get the deal done in a hurry then the level of due diligence and details required before going ahead would likely be considerable. Must remember that under typical circumstances the companies would have been talking to each other for weeks ahead of when investors would be notified. It was only because of the news reaching the press that we got an early indication that Equals was up for grabs.
What further complicates matters is that this is a cross border deal. UK, Europe and US. Madison Dearborn Capital Partners are a very large company and as such there are likely to be 'teams' of people handling this deal (and others). So getting approvals as they go up their chain of command, getting lawyers, outside council, discussing perhaps with SEC and overseas government bodies/regulators will all take time; Perhaps flights to/from the US to sit down with Equals management is likely occurring. Notwithstanding the UK takeover panel/CMA is currently straining under the weight of numerous ongoing investigations is not helping either.
In an earlier post I suggested it would be around March time before we get an offer announced, but I would not be surprised if it takes even longer. It's clearly not a simple process. The more time it takes at this stage the more likely it's going to be a 'slam dunk' leading to a relatively short time between the offer and getting it accepted.
What we can take away from these RNS extensions is that things are progressing albeit at a slower pace then most of us would like. On the other hand there could a third party involved that we do not know about...yet!
..........
Subsequent to the above; If there is another suitor in the wings they may be waiting for the prelims due end of March/early April. Also, perhaps, Madison Dearborn would want to see those figures too before they give the 'green light' as it could be career ending for anyone in Madison Dearborn promoting the deal internally should the Equals figures disappoint. However I would expect Equals would/could provide such data ahead of time under an NDA(?).
Ultimately neither party is under any pressure to get this deal done in an expeditious manner.
Last time I looked at the Takeover Disclosure Panel status there were nine companies under possible takeover prior to Equals making their initial announcement.
Just my $0-02 worth...
Thanks oilbagger, this afternoon I had time to listen to Ian last interview (Sept) in that he said he hoped that Europe may supply some revenue running up to the end of the year (23). Only 7 weeks until results so that will shed light on it.
Appologies meant "grabbing"
I think the Oonex deal was approved by the National Bank of Belgium in July 2023
https://www.equalsplc.com/content/news/archive/2023/050723a
This acquisition is strategic for Equals expansion into Europe and its long term growth prospects. Grapping market share as quickly as possible would require deep pockets and this could be reason for selling up to a bigger organisation. Perhaps, they are waiting to see how the potential of the early pilots into Europe using Oonex licences are going.
I can’t remember now, but are Equals still waiting for regulatory “stuff” from the Europe division? Could this be the issue waiting to be resolved?
DD may be done......almost. They may just want to monitor the here and now. See if growth/revenue is stable month to month. This would be a true indicator of performance and prove beyond doubt this is the real deal. This will take a number of months conclude hence the continued extensions IMO. Either way, feel we are on the home run now
It looks as if a few bargain hunters are about, a steady stream of buys this morning. Took the opportunity this morning to add a few more.
Surely there isn't that much more due dilligance left to do. Seems to be no rush to make an offer but equals seems to be left in limbo in the mean time. Will use the depressed SP to top up where I can though.