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Yes I just checked back on the takeover articles and it says .................. "Laird, which makes wireless communication equipment and technology for automated systems, said it considers the terms of the deal to be “fair and reasonable†and directors plan to recommend the deal to shareholders. Advent said it has already secured support for the takeover from shareholders representing 27% of Laird’s shares. The deal needs approvals from shareholders of at least 75% of Laird.".......................... I just can't see it going through based on what Advent have offered or current take up.... Why don't Advent just cough-up the fair price of 250p not the artificial price that was created just prior to the announcement of the great results and subsequently undervalued offer from Advent???!!! AIMHO
There's no chance whatsoever of Advent getting 75% on this offer at 200p.IMHO
Actually the % is 75% not 50% so quite a high threshold
A couple of Hedgies have taken a position (and not buying for Advent) hence the spike in the expectation of a counter offer but so far no counter offer so we enter the home run. Next 12 days to 17/04 is crucial It seems Advent have still not got 50% in the bag although their advisers like Goldman Sachs, J P Morgan are buying in the open market. It is a wait and see for us now and definately vote against the takeover before the 17/04 EGM where Laird shareholders will vote for or against the takeover If over 50% vote against then either Advent offer more or walk away unless there is a counter higher offer from elsewhere. Advent are on a winner here as either way they will profit
Latest RNS shows asset manager increasing long position by 1'000'000 shares. Still not sure what it means or why shares spiked at 204p.. Still think it may be some sort of market manipulation before the meeting on the 17th.
Do we have another buyer or is this just market manipulation ahead of the meeting??
What's with the sudden spike in the share price to 204p/??
For 17/04 meeting to consider the takeover, Shareholders can vote for or against the offer of �2. I have voted against At that meeting we will know if others are holding out for a better price!! and if that is more than 50%, then either Advent withdraw or offer more unless they already have 50% + in the bag The proceeds of the takeover wont come through until the 3rd quarter
Mmmmm. Maybe the BOD took my post on 19th Feb too seriously...lol
http://www.laird-plc.com/#laird031 Nothing about why he is recommending sale at �2. wtf
I will also say no to the current offer. The future for this company is still good as they are in markets that are expanding and with a half decent management should be at the forefront.
Yes let's hope so, I see that the SP is creeping up today? Might just be a mid day blip but who knows what's cooking in the background...still think that the remaining 73% of shareholders should hold out for 250p minimum! I will be saying no to the offer, that's for sure.
Unless ofcourse Advent get over 50% in the bag. Any alternative offer may well be hostile. so they have to be properly resourced for an alternative cash offer. Sterling has been quite strong and with a trade war now declared, the Chinese will be cautious but Koreans and possibly Indians will be running a ruler over the figures
Its only been a week and the purchase prospectus wont be issued till 17/04. Advent are mopping up but as other Hedges are also buying (possibly for an alternative buyer), a credible offer may not be happening till end March or early April
Where's the Chinese when you need them?
Moniman, If I am not mistaken, he also has an option on 675,000 shares at nil payment which was subject to the shares reaching a predetermined price which has been reached. No wonder he is keen the Company gets taken over. Always remember UK PLC is run first and foremost to benefit management, then Bankers. on this one luckily there is no Pension deficit but I wonder what happened when Laird had Shipyards and their employees pensions.
Well I see Tony Quinlan has offered his pathetic little holding at 200p. Well of course he would. I've got more shares than any of the BOD and I'm not selling. They still only have 27% approval for sale to Advent. 250 still on cards IMHO
Same happened to Monitise. Luckily I got in really low and managed to get out with a profit. Management gave .negative news just prior to accepting a very low offer but the BOD all got jobs and bonuses. Then once the company was removed from listing the PE company sold off chunks of the business for £10s millions..... Laird and Advent are doing the same IMHO.
As an example, I bought into Globo, a purported technology company on AIL being audited by BDO. There were negative reports and BDO resigned so I wanted to offload but they immediately appointed Grant Thornton who gave a clean report so I hung on. A US hedge fund then put out a report that Globo was a fraudulent company with no technology. The CEO Theo Paphitis met with the Board and told them he had offloaded his shares. Presumably, others had too and Receivers were appointed in October 2016. The Receiver said there were no Assets and in the meantime Management disappeared. I dont think they have been found yet So far FCA are still drafting the Report Financial press were encouraging people to invest and the Nomads too (All have now taken a low profile)
I meant Advent are a 35 billion � company
Moniman, FCA and FRC have no teeth and by the timethey get reports out it takes 2 to 3 years by which time events have moved on. in this case Advent like some of us are making a buck but on a larger scale. They are a �35 million hedge fund and in buying have already indicated that they will sell the Connected Vehicle division. You guessed it recoup all their investment and the rest Performance materials and Wireless technology is pure profit. It isnt Advent's fault if management sell out and this is normal Capitalism. They have made an open offer which management have accepted and recommended to Shareholders. A couple of Hedge funds have indicated acceptance, about 27% and Goldman Sachs are now mopping up any shares from the open market. They probably have 35% in the bag but others are hanging on and some hedges are buying to make a profit at a higher takeout. My belief is somebody else will enter the ray at 225p and Advent will move towards 240/250p and then it is anybodys guess
Have you seen the Laird news stories on this site today? It basically shows that Advent is a opportunistic buyer/asset stripper that appears to encourage management to sell at low prices and short change shareholders. Then 3 years down the line they all cash in their chips and pop champagne. Let's face it, the phrase stitched up comes to mind or worse but the FCA should be investigating those things. Especially the lack of the Q4 update and strange buys the day before the takeover announcement.
Yes I think �2.50 is about right but if they have done well in Korea and a bidding war takes place then perhaps we can go back to the level of 15months back. 350p to 400p Ijays option 3 cant happen
I guess you are right. Price won't go back where it used to be at closer to �1 as a buyer already priced it at �2. Who are the other prospective buyers?
Price will not go down to 1.00 as good news is now out in the market. Other options are likely IMHO. 2.50 is a reasonable price at present.