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GBG price was in the 400s pre-approach. It went briefly over the 600 mark before the Yanks walked away. Don't know what put them off.
The Business Desk, October 2022:
US private equity firm GTCR has decided not to bid for Chester-based identity verification specialist GB Group.
It confirmed today, ahead of its deadline to launch an official approach, that it was no longer interested in acquiring the business as part of a cash bid.
Shares in GB Group rose 10% when the potential approach was first revealed on September 6. They fell more than 20% today after GTCR made its announcement.
The GBG Board said it had early-stage discussions with GTCR in respect of a possible offer, but agreement could not be reached on terms.
In response to today’s announcement, the board said it believes the company has a long runway of sustainable growth opportunities underpinned by supportive structural drivers such as digitalisation and an ever-increasing need to protect against fraud.
Point of detail on ROLR: Does anyone know if this comes with an obligation on the part of the seller to accept the highest offer? If you are selling a house and someone offers a smidgen over the next-best bid, you may well turn down the highest offer for whatever reason - you may not think the bidder is good for the money or you may simply not like the cut of his jib.
LM, you are spot on about the glaring absence of a steadying RNS from SD. That's the strangest feature of this affair - loads of stuff about the resource methodology, but not a word about our majority partner heading for the exit. Not even a bland "positive development ... removes uncertainty ... confident in the future." Makes you wonder if GGP were caught on the hop.
BP, a genuine question from a non-expert: is it possible - once all hedging and contractual obligations are fulfilled - to run an onshore field on something like a six months on, six months off, basis or similar? This would avoid depleting a precious resource for summer peanuts prices in order to fully exploit winter prices?