Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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For each HRG Share 0.321 New Sainsbury's Shares and 55 pence in cash (the "Offer Consideration") · In addition, HRG Shareholders are expected to be entitled to receive a special dividend of 27.8 pence per HRG Share (the "Special Dividend"), provided only that the Board of HRG resolves to pay the Special Dividend prior to the Offer becoming or being declared unconditional in all respects, representing the sum of: · 25 pence per HRG Share, reflecting the £200 million return to shareholders in respect of the Homebase Sale (the "Homebase Payment"), as announced by HRG on 18 January 2016; and · 2.8 pence per HRG Share in lieu of a final dividend in respect of HRG's financial year ended 27 February 2016 (the "Additional HRG Payment").
Sainsbury’s has tabled a £1.4bn takeover of Home Retail Group after South African retail group Steinhoff ditched plans to make a rival bid for the Argos owner. Sainsbury’s confirmed its plans to bid with less than half an hour to go before its 5pm deadline on Friday set by the Takeover Pane
Sainsbury's to buy Argos owner HRG Posted at 16:53 Supermarket Sainsbury's has agreed to buy Argos owner Home Retail Group for £1.2bn
Sainsbury's to buy Argos owner HRG Posted at 16:53 Supermarket Sainsbury's has agreed to buy Argos owner Home Retail Group for £1.2bn
I held off selling stupidly If Sainsbury's does buy at the 1.732 it's not too bad, sure there will be a lot of unhappy folk if Sainsburys backs out as well :0( or reduces there offer
Glad I sold a big chunk yesterday *phew*
Yes, interesting time
Sainsbury's now holding all the aces
The reason Homebase has gone is Home Retail sold it recently. Trawl back a page on here and read all about it!
The offer has to be formal, then approved firstly by the bod then shareholders. It is then sometime before it gets agreed. This is now a contested bid. Unlikely to be resolved under 3 months. Could be much longer especially if Walmart get involved.
Is the 18th of March the final dead line? if there is a firm offer how long before we see payments ?
Hummm not sure what to think at the moment, its good there are offers on the table but with no one committing this could go on for months to come. Homebase has disappeared of the Homeretailgroups website, But strangely habitat has remained why is this not up for sale separately? there are 3 stand alone shops in London and many concessions surely this should have a separate valuation? after spending so much acquiring the brand in the first place?
Well Sbry must be fairly serious having upped their bid to £1.5 billion earlier today. Game on!
If Sainsburys are serious - and a massive organisation like that surely should be serious, then this is their opening gambit and surely must have contingencies in case of either a rival bid or if Argos think they are undervalued. If that is the case then £2 per share should be their counter offer. Their response to the bid though have shown the Sainsburys board to be a bunch of buffoons - floundering to make a credible response, reaching out to private equity. If this is the best Sainsburys can do then Argos are better off going to South Africa. Its not point going to Sainsburys who seem to lack strategy or serious intent.
I assume they will be delayed until the takeover is resolved.
No indication when any of these payments will be made?
With both offers on the table they have treated the special dividend for the Homebase sale (25p per share) separately from the amount offered in cash or cash and shares from Sainsburys. But this is all within the same offer, so they are not exclusive. So if I use the terminology you have used it would be "joint" as far as what you actually get but detailed separately as part of the offer. Hopefully this is clear.
With Homebase already a deal being done and Argos looking to go , what will happen to the shares, as currenty at 178.50, I brought for about 132.00. How will the shares be split for HRG as a whole, do you get the price for Homebase and what ever the price for Argos or is it joint ? just a bit confused
Why would that happen and if it did the Sainsbury offer is still on the table.just look at the share price. Market believes the higher offer or another will prevail.
Isn't it possible that the Steinhoff offer could fall through and the share price drops back to £1.5X?
I agree. To sell in the middle of an arbitrage is bizarre.
I'm not judging, but why did you do this? I am genuinely interested :-)
I sold out yesterday 11497 shares at 175.12