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This could certainly be pushed up to 700p
''Ale Pasetti, head of The Loadstar Premium, which will cover the bid in detail tomorrow, said the share purchase was “clearly part of a hostile strategy”.
One investor told The Loadstar yesterday that Agility had been doing investor surveys to get a feel for the right price, and he hoped to see a 600p or even 700p offer.
Today he said: “Wow! Good price.”
But he also wondered whether Menzies could find a ‘white knight’ – a ‘friendly’ investor that takes over the company in the face of a hostile bid.''
I think there just going to make the £6.05 offer as of this Monday in my opinion .Obviously there have been plenty of happy sellers at this price.I don’t see no white knight popping up with counter bid i can only see very good results and contract updates pushing this any higher.But as I’ve said sitting on my hands for now but there’s going to other opportunities to reinvest in coming up.
I think NAS have overplayed this. There are now committed at 19% ownership. at 605p
Clearly they have succeeded in convincing some major shareholders to sell at 605p. That is the only way to buy that sort of volume. However by doing this they have now created a problem for themselves, all the other major shareholders that they need to sell to increase their stake to 50% now have a ransom strip and can negotiate a much better price than 605p. They can set the new sale price at 700p plus and not sell. Do NAS really want to exist as a 19% shareholder of course not. This is why the board did not engage with them....this was a trap for the hostile take over...I don't think they will be able to increase their position from 19% at 605p...all further buys are at 700p plus. Let them buy enough so they are fully committed and then hold them ransom.
Playing the hostile takeover without having a majority of Shareholders (51%) agreeable to sell at 605p is a mistake and they will be punished for it.
The hostile take over is far too slow and has created the perfect situation for the board to hold them at ransom...well played Phillip, clearly not his first rodeo. Give them enough to be fully committed, now they will have to buy more at a higher price to protect the 19% invested.
This is more a Sloth takeover than a hostile one. This deal is done at 700p plus.