Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Originally a South African company, they are multi national, Mainly Europe, headquarters in Weybridge, Surrey.
So you would probably call them British?
Wayzgoose,
"with Mondi being American"
I thought that Mondi was British.
You're not thinking of Mondelez are you?
If there is going to be an offer I would expect it to be when US market opens with Mondi being American
Thx for clarifying Mardler.
Or they could apply for an extension to allow further time.
Mondi has until 5.00pm to announce a formal offer or walk away.
If there is an offer then the Smith board are bound under the Takeover Code to announce it
Immediately to the market.
They cannot sit pondering on it for a few days.
Expect an RNS one way or the other today or at the latest pre market open tomorrow.
My understanding is that Mondi need to have told the SMDS board whether they INTEND TO MAKE a formal offer. Not table the offer itself. Or publish it.
At the point where an offer is made then the Board would normally consider the offer before announcing it. This would take a few days.
Never give up sasa 😎
No further explanatory message, then... sasa.
the moderator has deleted with ****** my reference to a ************** offer initially but you'll no doubt get my drift - sasa.
my comment on the t/o situation here wasn't a prediction, alessandro, it was a guesstimate of what might transpire - a big difference.
there are several variances at play now on this being the 'put up or shut up' day - e.g mondi's original preference was for a ************** offer but this could change by either being accompanied by a cash underwriting, too, or an all cash offer to gain acceptance by the d s smith board and there might also be a request to extend the deadline to facilitate a deal or nothing at all, in the event. we'll soon know...
it's interesting to see the sp picking up sharply this morning if nothing else - sasa.
No worries either way if you're a LTH.
The market looks like there won't be a deal. I'd like to think the board will look after the interests of shareholders rather than their own but I won't hold my breath.
Taking a bit of a dive in the morning...
Would the RNS be issued today later in the day then?
Yes, it is up to MNDI to either come up with an offer, or walk away, by 5pm. Until then SMDS continuesin the state of being in a bid situation which would presumably be concluded by an RNS saying either we have accepted, or there's no deal to be had. Then we would know and then the share price would react.
My interpretation of the rule is that they had to notify Smith's of their intention by today rather than issue an RNS.
Their original RNS was issued in relation to that from us rather than a market notofication of their intention.
Looks as though it was a bit of a scramble to buy in the last couple of minutes of trading. Hope or optimism?
Either way it would warrant an RNS which could be from 7am before trading opens or after close of trading before 5pm. I suppose it could happen intra-day but there would be a big shift in SP if it did! Or there could be an extension, as your extract says. It's wait and see time.
Ah found the answer per original message....although not hopeful that any bid will be forthcoming (or accepted)
In accordance with Rule 2.6(a) of the Code, Mondi is required, by not later than 5.00 p.m. on 7 March 2024, either to announce a firm intention to make an offer for DS Smith in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
Can anyone confirm - is the last day for Mondi making a bid today or can Mondi still submit an offer tomorrow? Looks like its not happening either way
Sasa I don't think you can predict the outcome of an offering in terms of price per share to be paid by the offeror, since for Mondi-SMDS it will be an all share combination, therefore you will get X number of shares of the merged company (which will probably still be called Mondi)
Hi Oldfortyniner - it does seem the mkt doesn't think anything much will come from Mondi's approach, judging by the rather listless sp ahead of tomorrow's deadline, I have to concede but you never know - sasa.
Well, Sasa, it does look as though we are going to the wire with this. Your positive guess would be very nice, thank you, but your downside prediction is a bit near the mark for me as the SP isn't a long way above where I bought. No deal would no doubt generate a fall back, so I've put a stop loss in place to hopefully catch the fall if it happens that way. If it fell further I might have a good opportunity to come back in at a lower price, but one step at a time!
None of this seems to be generating any interest on the MNDI board last time I looked.
Thanks Trouts, that would have taken a lot of trawling through all the RNS's!