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Or you could potentially buy more in the knowledge that this is clearly undervalued?
Disappointed this was rejected. As a shareholder I'd much prefer to have 200p in the bag than be sitting at 140p and hoping for 200p in the future.
It makes me question whether the board really are acting in our best interests. Do they have incentive to reject an offer to protect their own position (ie would they be concerned about losing their jobs if the company were bought out)?
Nice rebuff though with a great update stating 5 months to May 21 ahead of expectations and full pre close update due 9th July
Lone Star offered 200p. I reckon that outfits like Lone Star would aim to make at least 50% on their investments so one might say they would have seen value in SNR of at least 300p per share and have been confident of getting that value from the business. Therefore it must be up to the BoD to now do as well, given all the fine words in King's statements in the RNS just issued, and get the market to recognise that value of at least 300p. To do that they would need to more than double the SP from here. I doubt that many would see them as being up to the task.
Oh well back to my £3-5 share price in 2-3 year plan or whatever it was.
The market wanted a deal
Come on BOD give us your answer.
What Lone star could do is to approach share holders directly and start getting approvals from shareholders directly thereby forcing the takeover through
The major investors reported to be in discussion with the BoD ought to be throwing the book at them and, for example, having all management bonuses and incentives suspended until the SP reaches, say, 250p. That way, the BoD can demonstrate the truth of their assertion that Lone Star is failing to appreciate the worth and the value of SNR and of its BoD. The BoD would need to put their money where their mouth is or else simply leave the stage and let others do better than they are capable of doing.
It’s odd how the SP is lower than before the 200p offer. It seems the market is expecting the bod to reject the bid I suppose and the SP direction prior to the latest offer was certainly creeping downwards.
..............in self-defence and in self-interest.
The question the BoD ought to be asking themselves is why the market seems not to believe their assertion that the Lone Star offer “fundamentally undervalued Senior and its future prospects” and why it is that the market values SNR (and by extension the value of the BoD itself) at about 27% below that offer. As quite often in situations like these, the BoD are not actually representing the best interests of shareholders but instead simply circling the wagons in self-defence.
I completely agree i can't see it being accepted. interesting times i've worked for the company for 16 years and always had a share holding but today i've sold them all having had an average of 56p. overtime it will climb even higher. GLTA
I don’t think their new offer reverses Senior’s statement below re their penultimate offer:
“fundamentally undervalued Senior and its future prospects”
i think they did make a final offer of 2.00
https://www.reuters.com/business/aerospace-defense/lone-star-global-sweetens-takeover-bid-senior-final-attempt-2021-06-21/
The offer is 200p
Offer is too low. We were all expecting atleast 2.00
I’ve sold one-quarter of my shares and now have a free ride.
I think the board will accept the offer which would be a shame as I was looking forward to the recovery play here. We’ll find out very soon.
I have sold 80% of my shares because there is now a significant chance this will not go through and the sp fall to around 150p and am happy either way now.
LSF XI Investments, LLC, a company advised by Lone Star Global Acquisitions, Ltd ("Lone Star") announces that it has made a fifth and final proposal to Senior regarding a possible cash offer for Senior at 200 pence (the "Fifth Proposal"). The Fifth Proposal is subject to a number of customary pre-conditions, including the satisfactory completion of due diligence.
OK. It's their 5th and FINAL offer, which I guess puts more pressure on the board.
"The Fifth Proposal follows a further proposal regarding a possible cash offer at 185 pence that was made to the Board of Senior on 14 June 2021 and rejected by the Board of Senior on 15 June 2021."
That's news.
I wonder what makes this 5th proposal different to the 4th that it gets an RNS?
Again
200p offer might get this over the line
Hi, I have very little understanding of these declarations. Is this latest one a sign of Lone Star backing out?