Interested parties, general thoughts..23 May 2022 21:31
My two cents worth..
With all of these daily notifications it should be fairly easy to build up an accurate picture of who is holding what.
Today was a bit of a game changer as many players had to show their hands, both long and short. Up until this point I had reservations concerning both approaches (as posted during weekend), however that view has now changed somewhat given the interested parties are actively buying company stock, this puts a different spin on things and may well bring out other suitors.
Its also given rise to another option which is to go private with some holders rolling paper into a private vehicle leaving Matt and Co at the helm. The main difference being a friendly takeover leaving everything as is, just get it off the market to pause for breath and re-list at some later date.
All of sudden this seems very doable and makes perfect sense, in fact it doesn't really matter who makes the formal offers as both Candy and Belerion Capital Group are on good terms with CEO.
Here is why this might be an easy solution:
- Friendly takeover leaving existing management in place
- The bulk of shareholders, sofia, balderton, jupiter, softbank and able to roll their positions into private paper
- There would be few blocking votes given the shareholder base
- It makes financial sense saving the company listing fees and all the PR Legal stuff that entails
To do this successfully one or both parties would need to hoover up as many loose shares as possible prior to any formal offer.
Whilst the share price hasn't reacted market participants have, most notibly the short side which has reduced significantly despite only a couple of trading days, that's quite a lot of individuals arriving at the same conclusion at the same time.
For once having a standard listing of non standard holders may go in their favour.
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