Bidding War has Commenced - Whatever happens, this is coming off the Market!26 Apr 2022 20:06
Either going private or sold IF (and only if) Private Equity pay up close to what Matt thinks is Fair Value.
Matt basically said, if you want it, pay the fair value and we'l talk!
Both options open, and depending on the PE offers they will decide on direction!
Otherwise the BOD would have said, we have recieved multiple offers, and all rejected etc but are not interested in selling to PE full stop, and will drive towards seperation, full listing etc to maximise value. But he didnt!!!
In the webinar he skirted around "WHAT IS THE BEST ENVIRONMENT FOR THG TO THRIVE IN". Unfortunately it may not be as a listed company.
They are clearly waiting for higher offers now, we will here something in the coming days/weeks. MM "heads down and see what happens over coming days/weeks/months"
The biggest giveaway and clue for me was - After months of speculation on a whole host of strategic news which would come, they provided clarity on (you guessed it) absolutely NOTHING!
Now why would you, if you somehow already made the decision, one way or the other it's coming off the market!!
And another very interesting point, ALL BIDS were for the WHOLE GROUP!
(Absolutely no chance happening on the cheap, he has all the power. A twitter scenario is impossible. Beauty of golden share, and CEO/Founder owning 25%!)
It's a game of patience and letting the bidding war start. They have all thrown the opening 'salvo', and all of them got the message, what it will now take!
Only yesterday all the rage was about Carlyle Group (One of the largest PE firms in the World) readying a bid!!!
Anyone who hasnt, carefully listen to the webinar 1hr18m with regards to takeover bids!
IMHO. Exciting weeks ahead.