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Yeah best not trade early in the morning ??
To all that held and ignored the derampers.
Hopefully everyone made good money here and we maybe get an even better offer.
Atb.
Yes looks like the sellers are drying up...Shares mag has is down at a done deal @ 532..
- UK’s 6th largest tech company agrees $6 billion Canadian takeover
- Shareholders call time on five years of share price declines
- Latest in lengthening list of UK tech exits despite Government pledges
Enterprise software firm Micro Focus (MCRO) has agreed to be taken over by Canadian company Open Text (OTEX:NASDAQ) in a $6 billion cash deal.
Ontario-based company is offering 532p per Micro Focus share, a 99% premium to Thursday’s closing price.
After five years of share price declines, Micro Focus shareholders can be forgiven for snapping Open Text’s hand off. The 2017 merger with HP Enterprise’s software arm was a massive error in judgement and has cost shareholders billions in lost equity value, and the company nearly 50 years of independence.
As the UK’s sixth largest software company, losing Micro Focus is another blow to the UK’s shrinking large cap tech space.
Interesting the price has been drifting up during the day. I think the MMs underestimated the resolve of holders to hold on to their shares so the original discount of 3-4% from the offer price is not tempting many sells!
Isn’t the deal agreed with an agreement exchanged? If so it’s all about shareholder approval. For it to fall over another far higher bid would have to come in so the shareholders turned the current offer down. Will shareholders turn this down at 5.32? Does anyone know when we have to approve by?
Dark could jump up to 50 to 60 per cent too if offer comes
Microfocus shareholders consider selling and buy Dark shares so you get 2 buyouts :)
Nice if it comes but happy with this offer. Tempted to sell and distribute across multiple depressed companies.
Not had much confidence with current management so happy to take cash and get value elsewhere. Good timing with current t market depressed
Concur with that Sir. Comfortably over £6, heading towards the £10 mark, depending on who wants it and how much it's worth to them. I see the Opentext offer as an opening gambit.
Mary b funny how you are in every share that 10 bags...... The smell of bs is quite something
I genuinely expect at least 2 parties will make offers and each comfortably over 600 at that
Too many big players out there who dwarf Opentext to let them steal MCRO for a relative pittance compared to real value. 5B is small potatoes to them when the extractable value is multiple times that. I suspect there will be calculations a plenty going on as we discuss. Insane to sell out now when much more could be coming to the table.
One can hope for it to happen and with MCRO being global there is every hope that it may get a bid higher than the £5.32 being offered .....i am personally hoping for over £6 as i think its the value and potential .......saying that there is the debt element as well which does knock it back slightly, exciting times is what i would suggest and ride the luck especially the LTH on here.
OR IF HIGHER BID COMES IN...AMZ, MSFT, IBM, SAP, BMC, AVGO, NOW and on and on. Plenty of players that could extract many times more value than the current offer price reflects. It's happened before.
I was lucky enough to hold RPS shares and sold out recently at 203p vs an offer price of 206p. Just looked today and the RPS price yesterday had risen to c213p - greater than the offer price plus expected 4p dividend! Seems the market may be pricing in a small chance the current offer price may be beat?
I'm holding here as I think minimum expectation is we get 532p (plus dividend?) for being patient. Best case another offer comes in and smashes 532p out the park! As others have said, its not that great an offer in the grand scheme of things.
Waking up this morning and seeing MCRO shares i thought i had the wrong shareprice ....i think its a good outcome overall though i would have preferred a £6 plus bid. I am still hoping for Amazon or someone to come in an snatch it away for £6! but surely its better than what was expected in short term. Does anyone know of timescales of completion or share suspension etc? or is this going to happen after the AGM etc
Next dividend not until next March so sale will have completed.
I was so worried about this share - wondered if I'd ever get my money back...
It's so good to be reminded - especially at the moment - that the stock market is capable of throwing up good surprises amongst all the nasty ones!
Well done bruised and battered LTHs, your patience was rewarded. I feel marginally better about investing again.
And it's a bank holiday weekend!
BearBear in mind Micro will keep giving out dividend until the takeover takes place. So you may be missing a bit of the oremium and the quarterly dividend....
These are irrevocable undertakings by shareholders to sell. Hardly surprising. What if opentext find a reason to walk away? given mfs tecent history of failures I think caution is helpful.
Please read the RNS
"Irrevocable undertaking
· In addition to the irrevocable undertakings received from Micro Focus Directors described above, OpenText has received an irrevocable undertaking to vote in favour (or procure a vote in favour) of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting from Dodge & Cox in respect of, in aggregate, 54,654,085 Micro Focus Shares (including 31,090,071 Micro Focus Shares represented by Micro Focus ADSs), representing approximately 16.27 per cent. of the issued share capital of Micro Focus as at 24 August 2022, being the last Business Day before the date of this Announcement.
· Therefore, in total, OpenText has received irrevocable undertakings to vote in favour (or procure a vote in favour) of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting in respect of 55,837,463 Micro Focus Shares (including 31,090,071 Micro Focus Shares represented by Micro Focus ADSs), representing approximately 16.62 per cent. of the issued share capital of Micro Focus as at 24 August 2022, being the last Business Day before the date of this Announcement."
ONLY WAY THIS FAILS IS IF SHAREHOLDERS VOTE AGAINST OR HIGHER BID COMES IN
lets be honest, they were not going anywhere on their own, declining margins and increased debt interest in years to come, very happy though have only a handful, but was very close to selling anyway, clear up the old portfolio of dogs, too many oil and gas opportunities out there.
i'll sell if it gets to 525, maybe sooner
What a star today. Counterbid, who knows but sold recent purchases and continue to hold 10k shares at net cost of £ NIL a stop loss in place to await developments.
Not good for LT holders in at £10+ £25.
GLA
Unlucky nuri123a, months and months of persistent de-ramping gone to waste!
Got back in 3/2/2020 @ 995p , again 5/2/20 @ 749p , a third I still hold on 21/9/2021 @ 378p overall loss 36% says broker .
Bought and sold another tranche July / December 2020 , but reflected in loss I would assume .
Learn and offset against other gains !
A 250.
Dodge & Cox Hedge fund has 17% of company .
M & G Investment Management Ltd. Investment Advisor 4% of company
The Vanguard Group, Inc. Investment Advisor/Hedge Fund 3%
Fidelity International Investment Advisor 2%
BlackRock Institutional Trust Company, N.A. 2%
In the FTSE 250, Micro Focus International was the standout performer, up 92% at 512.20 pence, after the enterprise software provider agreed to be taken over by Waterloo, Ontario-based OpenText.
Under the terms of the deal, Micro Focus' shareholders will receive 532 pence per share, valuing the Newbury-based company, including its debt, at around GBP5.1 billion.
Bids do sometimes fall through. Given Micro Focus recent history...who knows. Just saying.