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So I think it's fair to say they all think Mars is worth a lot more than current sp.
Platium must think at least £1.25-£1.50 but trying to get it cheap and Mars think it worth £1.50 - £2. when the pubs all open again.
I wonder if Carlsberg think it worth buying Mars out to keep total control, and what price might they put on Mars to stop any other takeover.
The usual route would be for a scheme of arrangement, rather than buy stock in the open market.
There are huge cost benefits involved.
London, No a bidder will have access to the shareholder register. What ordinary PI's who have shares held in trust by their Broker, need to keep a close eye on notifications that appear on their Brokers account
For a Board to state the company is grossly undervalued, is setting them up to either deliver a value, to shareholders, they consider appropriate or someone will have a hell of a lot of egg on thier face.
To consider previous approaches were not important to report is treating Stockholders with disdain. There were 2 offers not one. Even though RNS were not produced at the time, there is no mention in the Annual report. Confidentiality at the time is acceptable, but there should have been some statement later.
Thanks Fairdealer
Do you think having so many small shareholders makes that approach difficult?
Platinum could hoover up shares until they get to the point where the legally have to make an offer.
They could put in a formal offer at £1.05 or more and force the board to inform share holders.
Or they could do one.
I suspect they are interested but in typical vc style they dont want to pay anywhere near the full asking price. Two earlier low ball enquities thrown back at them and now this £1.05 descrbed as grossly undervaluing the companies worth should either send them packing or make them be more realistic.
The board didnt release a statement that said weve just entered into a new and exciting jv with carlsberg, have added to our suite of top quality pubs with the bains deal and are supremely confident that pent up demand, the long range weather forecast suggesting a hot sunny spring summer and a shed load of planned promotions on food and drink will have us cooking with gas this year. I read their response as we might be for sale but not at £1.05 mate!
I suspect the share price will remain faiy static and in the next week or so platinum will anmoumce they are not interested or will make that formal offer.
Platinum can make a hostile bid ( going over the head of the BOD) and coming straight to shareholders. It is risky for Platinum, however they will have done due diligence and lobbied major holders to establish whether an offer would be generally accepted. This has some way to run yet. When did the BOD advise of the earlier approaches?
So it would be nice to see an rns from marstons confirming they have made an offer, not just press talk etc.confirming
Hi Adeg,
Are you 100% sure shareholders get to vote if a formal bid is put forward even if management reject the offer?
Thanks
They have made an offer to the board, which they have rejected, however they now need to make a firm offer to shareholders by the end of February. We then get to vote on it, however it is unlikely to succeed without a management recommendation.
If Platinum are really serious they should start to build a shareholding in the company, as far as I am aware they are allowed to buy from the market at any price below the offer price.
I don't think we have seen any real response letter / reply to any offers being made apart from the standard , this offer undervalues the company.
All / most companies say this but maybe they should say thanks for your offer but we the board think £1.50 is more the true value and we can talk, but theywant to keep their very well paid jobs for themselves.. Still maybe we will get an rns from the bod's today with more info.
Hope I am wrong but, 3 strikes and you're out so perhaps today a flurry of "sells" dropping the price back to 70's. Isle of Man already out of lockdown and pubs open! Only a matter of time before the UK start to open up.
This so called offer of £1.05, is it an offer or not was it ever a firm offer or was it just a number they were talking about.
How can any bod's put forward an offer if it's not a firm offer on paper.
It does look like Platinum have already made 3 very quick almost offers to find out the lay of the land but it doesn't mean they will come back with £1.20 + this week. Or does it?
Good morning all,
The share price on 29 Jan '20, 12 months prior to the non-binding offer, was 105.4p which is very close to the actual offer of 105p.
Is this just a coincidence?
It should be quite interesting because I have no idea which way the share price will move today.
It will drop if the market thinks there is little chance of a deal but the opposite will happen if they think Platinum will return with another offer.
Good luck!
I was on target with my “guess-timate “ ! 1.05
They are chancing their arm knowing full well
a recovery is just around the corner ..
GLA
Revolution bars seem to be city centre affairs as I recall, Marstons are much better distributed post-Covid. Israel is already seeing very positive effects from vaccination and we’re not far behind.
Platinum’s lowball bids might have been mistimed, either they come up with a much better bid or the market will rise taking away the big margin they want.
chubbybrown
agree.
£1.25 this is over £125 pre dividend most years,maybe as high as 137p sometime ago?
its just time and this business will be back to its usual.
Revolution bars to me resemble pitcher and piano bars in attraction to youth.
52 Week Low 18.40
52 Week Low Date 17-Mar-2020
North of £1.05 for certain.
Timing is everything, and I think Platinum has missed their chance with the lowball offer.
Over 150 would be a good start the partnership with Carlsberg was a good deal and should make the business model stronger time will tell.
Hi Barnet,
I concur with your sentiments.
I think Platinum will walk away after 3 failed bids because Marstons appear immovable from their current position.
Only time will tell if this proves to be the correct choice...
Good luck all.
bp 22 p was march 13 i guess lol
Mars is quite a different kettle of fish to revolution bars for sure. 105 will not be considered a good bid 115 could with added sweatners maybe.
I should add the 52 week low here is 18p. 105p is a huge premium.