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I have no experience in these things but I put low odds on a counter bid in time -say 10 to 20%. Unless one was brewing already the due diligence makes it hard to hit the timeline. More likely is us shareholders vote this down. Only 25% need to rebel. I'd give odds on rejection as high as 30%. New bids might emerge after that as I suspect the sector did not think TEF was in play. I don't know what price the rebels would be looking for but plus 4.00 seems likely.
If voted down I'll be back in force to TEF. Still think it a great company with a great future. Quite irritated we are big pushed out at such a low price.
Oddly Crest went private in 2007 just before the crisis an went public again in 2014 once thigs were settled. That worked out well for them.
Steph..if the vote goes CBREs way,we will not benefit if a higher bid comes In after 6 August.If the vote goes against CBRE,there is the possibility of the SP returning to where is was prior to the bid.So if you think the vote will go against CBRE and nobody else bids before that might be a plan to sell at the 351p available now and buy back after 6 August.
The majority of PI shares will be held in nominee accounts. Although many - but not all - platforms (e.g. Hargreaves Lansdown and Interactive Investor) will facilitate shareholders voting as a corporate action, it is a safe bet that many such holders will not vote. If it gets as far as the 6th August meetings without a counter-offer, I think that it is game over. On the issue of due diligence by another party, TEF is a publicly listed company and the counter-offer would be hostile. I don't believe that such a bidder would be entitled to carry out any due diligence. The timing constraint would be putting the financing for such an offer in place. If the appetite is there, there is still enough time left.
There is also the argument that if the deal is rejected then enough shareholders believe £3.50 is undervalued and the price remains roughly stable.
For my money there are many covetous eyes within the industry and beyond of TEF’s contacts, awards, reputation and not withstanding recent planning issues their relationships with planners, agents and housing associations.
With the pound depressed foreign investment buys TEF for pocket change. At these levels what’s another £25, 50 or £75 million increased offer to take the prize. It would have to be a good offer to blow CBRE out of the water and them not wish to match.
If a Brexit deal is achieved, and I still think there will be some sort of fudged agreement, then this £3.50 at $1.25 USD to the pound will look like the deal if the century for CBRE. Bear in mind they are willing to increase their offer should there be a rival. It’s actually there in black and white that they are willing to pay more. Says it all really.
Ex....shareholders did not think TEF were worth 350p in the few months pre bid.
Sain so which is it. Half your posts you feel the bid is undervalued and now you are saying it’s not worth £3.50?
Ex...I think the shares are worth a lot more than 350p but unfortunately the market does not.No conflicting views in my posts.